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Frost & Sullivan: Outsourcing/Offshoring Environment Possesses Considerable Potential for Pharmacovigilance Market
Date:8/12/2009

e companies, the volume of adverse events is sizeable. Even a product from a mid-size company can generate a high volume of adverse events. There is significant potential for outsourcing/offhsoring for mid-sized companies as well.

Most top pharmaceutical companies have well-established systems and processes. Consequently, they are not willing to replace these systems as this entails high costs and is also time consuming.

Moreover, the migration of data from one system to another tends to be expensive for most companies. Aligning existing processes to fit in the new system is difficult.

Vendors should educate pharmaceutical companies about technology implications and its importance in their day-to-day operations. This will be necessary to overcoming prevailing skepticism about a new technology and its merits. They should conduct seminars and conferences to trigger interest and make pharmaceutical companies understand that technology that functions optimally can offer substantial return on investments.

"There will be advances in data integration that will support more flexible decision making on drug safety issues," remarks Sujith. "There is significant scope to extend pharmacovigilance systems to boost their integration with a range of other data sources such as medical records and clinical data."

World Pharmacovigilance Markets in Lifesciences is part of the Healthcare & Life Sciences IT Growth Partnership Service program, which also includes research in the following markets: CRM Solutions Markets in Life Sciences, Imaging Solutions in Life Sciences Markets. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.

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