Pharmacovigilance Trends in 2022
In recent years, the demand for pharmacovigilance surged due to increased medicine consumption and a rise in disorders and diseases. A growing number of adverse drug reactions (ADRs) is leading to the need for new and effective pharmacovigilance solutions to curb this trend. There is an increasing challenge of keeping up with recent advancements as the industry changes.
Medicines can have unintended adverse effects that only become apparent after being on the market for a prolonged period. It is critical for pharmaceutical firms and regulators to keep track of and report adverse occurrences.
It is anticipated that the pharmacovigilance market size will increase at a CAGR of 10.5% between 2022 and 2030, reaching USD 17.36 billion.
For pharmacovigilance service providers, Covid has presented both obstacles and opportunities. Due to the limited availability of clinical resources and research workers during Coronavirus lockdowns, the number of active clinical trials decreased. Patients were restricted, which resulted in new work standards, frequent audits, and safety inspections.
Furthermore, the healthcare sector’s growth in the usage of medications (whether licensed for Covid or used off-label) has prompted them to work around the clock to ensure that goods are safe.
The pharmacovigilance sector is progressively adjusting to new trends ascribed to improved and more effective data gathering and analysis to capitalize on such growth prospects.
Resource Scaling
There was a substantial increase in Adverse Effects during the epidemic (AEs). The pharmaceutical sector has to grow its in-house resources and increase its staff to manage this task efficiently.
There has also been a rise in the number of outsourced manual jobs, such as data collecting and input. With the addition of key performance indicators (KPIs) and specialized teams, the scaling process has been improved, resulting in more flexibility.
Pharmacovigilance automation
Automation can benefit many aspects of pharmacovigilance. As our clients have verified, automating pharmacovigilance has several advantages: it eliminates human error, decreases expenses, and saves time. This aids in the management of vast volumes of data as well as ensuring compliance.
By adding any written material on the topic, such as product and illness descriptions, patents, case reports, clinical studies, and so on, our Iris.ai tools can automatically discover the documents you require. You may summarise and extract all pertinent information from them. By freeing up this time, PV experts will focus on other value-added duties.
Pharmacovigilance requires basic automation to guarantee automated tracking, job monitoring, and data gathering. Automation can transform the way data is collected and evaluated, thereby speeding up clinical studies.
Electronic data capture (EDC), a database used to hold patient data during clinical trials, is known as electronic data capture (EDC).
During clinical trials and market observations, EDC-based technologies for data gathering and analysis are efficient.
Cloud technology is great for providing all stakeholders with a wholly integrated database, which is critical for increasing medication safety and pharmacovigilance. Robotic Process Automation (RPA) automates data entry, processing, and analysis, removing the need for manual labor. Decision-making can be aided by combining RPA with cognitive automation via natural language processing.
Data analysts and data scientists can use artificial intelligence and machine learning to generate predictions based on data analysis. It has the potential to enhance pharmacovigilance processes.
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