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Drug safety and pharmacovigilance are important aspects of the pharmaceutical industry and healthcare system that focus on ensuring the safe and effective use of drugs.
Pharmacovigilance is the science and activities related to the detection, assessment, understanding, and prevention of adverse effects or any other drug-related problem. It involves monitoring the safety of drugs before and after they are approved for use, collecting and analyzing data on adverse reactions, and taking appropriate measures to minimize risks and maximize benefits.
Pharmacovigilance is important because all drugs have the potential to cause adverse effects, even those that are well-tested and approved for use. By monitoring drug safety and taking action to minimize risks, healthcare providers and regulators can help ensure that patients receive the safest and most effective treatments possible.
Drug safety is also a key consideration in the development and approval of new drugs. Before a drug can be approved for use, it must go through a series of clinical trials to test its safety and efficacy. Regulatory agencies such as the FDA and EMA also require ongoing monitoring of drugs after they are approved for use to ensure that any new safety concerns are identified and addressed in a timely manner.
In addition to regulatory agencies, pharmaceutical companies are also responsible for monitoring the safety of their drugs and reporting any adverse events to the appropriate authorities. They are required to have pharmacovigilance systems in place to ensure that they are collecting and reporting accurate data on drug safety.
Overall, drug safety and pharmacovigilance are critical components of the healthcare system that help ensure that drugs are used safely and effectively to improve patient outcomes.
Drug safety and pharmacovigilance are important aspects of the healthcare industry that aim to ensure the safe use of drugs and protect patients from any potential adverse effects of drugs. Pharmacovigilance is the science and activities related to the detection, assessment, understanding, and prevention of adverse effects or any other drug-related problems.
The global drug safety and pharmacovigilance market is expected to grow significantly in the coming years, driven by factors such as the increasing number of adverse drug reactions (ADRs), the growing demand for drug safety and pharmacovigilance services, and advancements in technology and research.
According to a report by Market Research Future, the global drug safety and pharmacovigilance market was valued at USD 4.85 billion in 2020 and is expected to reach USD 8.25 billion by 2028, at a compound annual growth rate (CAGR) of 6.7% during the forecast period. The market is segmented based on service provider, type, and region.
Based on service provider, the market is segmented into in-house and contract outsourcing. Contract outsourcing dominated the market in 2020, accounting for the largest share of the global drug safety and pharmacovigilance market. The segment is driven by the increasing demand for outsourcing pharmacovigilance activities by pharmaceutical companies to reduce costs and focus on core activities.
Based on type, the market is segmented into spontaneous reporting, targeted spontaneous reporting, cohort event monitoring, and intensified ADR reporting. Spontaneous reporting dominated the market in 2020, accounting for the largest share of the global drug safety and pharmacovigilance market. The segment is driven by the increasing number of ADRs reported through spontaneous reporting systems and the growing awareness among healthcare professionals and patients about the importance of reporting ADRs.
North America dominated the global drug safety and pharmacovigilance market in 2020, followed by Europe and the Asia Pacific. The dominance of North America is attributed to the presence of a large number of pharmaceutical and biotechnology companies, the high healthcare expenditure, and the favorable regulatory environment.
The key players operating in the global drug safety and pharmacovigilance market include Accenture, Boehringer Ingelheim, Bristol-Myers Squibb, Cognizant, Covance, IQVIA, PPD, Pfizer, and QuintilesIMS, among others. These companies are investing heavily in research and development activities to develop new and innovative drug safety and pharmacovigilance solutions and gain a competitive edge.
Overall, the drug safety and pharmacovigilance market is expected to experience significant growth in the coming years, driven by the increasing number of ADRs, the growing demand for drug safety and pharmacovigilance services, and advancements in technology and research.
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