CATEGORY

Pharmacovigilance Services

Evaluation of patient outcome to mange drug adversities.

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Pharmacovigilance Services Industry Benchmarks


Savings Achieved

(in %)

The average annual savings achieved in Pharmacovigilance Services category is 5.40%

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(in days)

The industry average payment terms in Pharmacovigilance Services category for the current quarter is 73.4 days

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    Pharmacovigilance Services Suppliers


    920
    Total Suppliers
    23
    Diverse Suppliers
    73
    Normalized Supplier Rating
    Pharmacovigilance Services Supplier

    Find the right-fit pharmacovigilance services supplier for your specific business needs and filter by location, industry, category, revenue, certifications, and more on Beroe LiVE.Ai™.

    Sample Supplier
    Company
    IQVIA HOLDINGS INC.
    Location
    Jackson, Mississipi
    Duns number
    3862211

    D&B SER Rating

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    Up to 3 months

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    The Supplier Evaluation Risk (SER) Rating is Dun & Bradstreet’s proprietary scoring system used to assess the probability that a business will seek relief from creditors or cease operations within the next 12 months. SER ratings range from 1 to 9, with 9 indicating the highest risk of failure. We’ve prepared an infographic to help business owners better understand what influences their SER Rating.

    Moody`s ESG Solution
    ESG Profile

    Company and Sector Performance
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    Security Scorecard
    77

    Threat indicators
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    Detecting insecure network settings
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    Hacker Chatter
    Monitoring hacker sites for chatter about your company
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    DNS Health
    Detecting DNS insecure configuration and vulnerabilities
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    Application Security
    Detecting common website application vulnerbilities
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    Endpoint Security
    Detecting unprotected enpoints or entry points of user tools, such as desktops, laptops mobile devices, and virtual desktops
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    100
    Cubic Score
    Proprietary algorithms checking for implementation of common security best practices
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    Patching Cadence
    Out of date company assets which may contain vulnerabilities of risk
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    Social Engineering
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    IP Reputation
    Detecting suspecious activity, such as malware or spam, within your company network
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    Information Leak
    Potentially confidential company information which may have been inadvertently leaked

    Industry Comparison
    iqvia.com
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    Pharmacovigilance Services market report transcript


    Global Market Outlook on Pharmacovigilance Services

    • CAGR growth rate: 11.5-13 percent between 2018 to 2023
    • 2020 (E) Market Value: ~ $5.3 Billion

    The major driver for case processing is stringent regulations and rising incidence rates of adverse drug reactions. Adverse drug reactions are causing over 100,000 death globally and awareness among public and demand for safe medication is on the rise

    • Demand for case processing is increasing as the cost of the service in-house is relatively greater and also there has been a steady rise in the number of adverse events being reported

    • Companies are outsourcing most of phase IV and post-marketing case processing segments to capture adverse events from various sources

    • Regulations vary from region to region and the current trend is harmonization of these across the globe. Hence, local sourcing in areas where the company focuses is a must

    Current Trends

    Increased emphasis on drug safety and faster submissions for regulatory approval are among the key drivers for the need for innovation in the pharmacovigilance space. Greater dependency is seen on pharmacovigilance tools and software to improve process and drive value for better vigilance.

    Global Pharmacovigilance Market: Drivers and Constraints

    Drivers 

    Rising Inclination Toward Outsourcing

    Pharmacovigilance service providers are rapidly turning to outsourcing as a feasible cost-cutting technique. Outsourcing helps improve timelines, boost internal resource fluidity, and ensure enhanced outcomes in the short and long haul. Also, it helps accomplish better pharmacovigilance via regulatory adherence, better efficacy, enhanced quality, and improved decision-making.

    Supportive Government Efforts

    Governments across the globe are rigorously working toward improving the management of pharmacovigilance approaches. Case in point, DIA has organized a conference highlighting the drug safety and risk tactics involved in pharmacovigilance. 

    Moreover, the European Medicines Agency (EMA) has taken the initiative for patient registries to promote the setup of new registries and ensure better usage of the current ones. Such initiatives are expected to drive the pharmacovigilance market revenue over the projection time frame. 

    Constraints

    Lack of worldwide regulatory harmonization, high risks related to data privacy and security, and insufficient data standardization for adverse events are hampering the growth of the global pharmacovigilance market.

    Global Harmonization

    Regulatory bodies, including FDA, EMA and PMDA are adopting ICH E2B R3 standards for electronic reporting to allow easy and reliable transmission of safety data across borders. Various challenges involved are meeting patient privacy requisites, and rules required to enable data sharing

    Innovation

    Automated tools are being developed, which include artificial intelligence (AI), machine learning (ML), and others, to examine closely online networks, social media, literature, and other data sources to signal potential adverse events.

    Integration- Services Providers and Clients

    Increased outsourcing in terms of pharmacovigilance requires constant overview from the buyers. Currently, with the increased adoption of automated platforms, it is best to integrate with the vendors to have transparency and efficiencies.

    End-to-End Tracking

    Such tracking will help in data standardization (through analytics) to obtain overall signal management with data integration and rationalization from multiple sources.

    Acquisitions to expand capability

    Acquisition of Chiltren by Labcorp, Shin Nippon Biomedical Laboratories Ltd. by PPD are examples to prove that, major service vendors are expanding their services to cater to the developing need across geographies

    Supportive Technologies Adopted by Suppliers

    Buyers usually enjoy the privilege of the technology developed and adopted by the suppliers. So choosing the right vendor to engage is essential to obtain cost savings and timeliness in case reporting

    Big players in PV case processing have already adapted to automation, meanwhile smaller players have either not adopted or are in process of making this shift

    Outsourcing Models Followed by Peers

    Pharma companies should prefer engaging with local suppliers with large research centers to develop and monitor trials to gain regulatory approval in those geographies. In the absence of a local office in certain countries, pharmaceutical companies typically engage with large western CROs to manage regulatory services in these regions.

    Why You Should Buy This Report

    The report on the pharmacovigilance market trends provides the industry overview of different geographies, including North America, Latin America, APAC, Europe, and the Middle East. The research study underlines the key drivers and constraints that affect the global pharmacovigilance market forecast and offers Porter's Five Force Analysis for developed and emerging regions. It discusses the best acquisition and innovation practices and the primary factors for successful sourcing. Furthermore, it elucidates the key performance indicators (KPI) with pricing structure assessment in the global pharmacovigilance market.

    Methodology for Writing This Report

    Beroe gathers intelligence through primary sources that include industry experts, researchers, and consultants, as well as current suppliers, producers, and distributors. Secondary sources can include business journals, newsletters, magazines, market research data, company sources, and industry associations. Following data collation, analysis, and strategic review, the Final Research Report is published on Beroe LiVE.

    FAQs

    • What is the global pharmacovigilance market outlook as mentioned by Beroe?
      The global pharmacovigilance market generated revenue of around $5.3 Bn in 2020. As per the industry report, the market value is anticipated to grow at a CAGR of 11.5-13% during 2018-2023.
    • What are the key technologies that are used in the global pharmacovigilance market?
      Pharmacovigilance providers are leveraging automated tools based on machine learning (ML), artificial intelligence (AI), and others, to closely analyze social media, online networks, literatures, and other information sources to indicate possible adverse occurrences. In addition, they are using end-to-end tracking in data standardization (via analytics) to gather comprehensive signal management with data rationalization and integration from several sources.
    • What are the key drivers behind the growth of the pharmacovigilance market? 
      The major driver for the pharmacovigilance market is the uptight regulatory framework and increasing cases of severe drug reactions. Moreover, a greater focus on drug safety and faster submissions for regulatory authorizations are fueling the need for innovation. 
    • What outsourcing models are players in the pharmacovigilance market following?
      Pharmacovigilance service providers are engaging with domestic suppliers with large-scale research centers to set up and track trials to obtain regulatory approval in those regions. Amid the absence of a domestic branch in certain regions, market players generally engage with established western CROs to handle regulatory services in these countries.