Global Pharmacovigilance Outsourcing Market Size, Share, Growth Report 2030

Pharmacovigilance Outsourcing Market

The global Pharmacovigilance Outsourcing market garnered revenue worth nearly 3.36(USD Billion) in 2019 and is set to record the CAGR of about 15.6% over the period from 2020 to 2026. The report offers assessment and analysis of the Pharmacovigilance Outsourcing market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, sales estimates, opportunities, evolving trends, and industry-validated data. The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).

Introduction

Pharmacovigilance outsourcing is the transfer of drug safety operations and processes to a third party service provider by the life science firm. Primary Pharmacovigilance outsourcing activities include case processing and compliance management. Apart from this, Pharmacovigilance outsourcing activities also include core activities and management activities.

Apparently, core pharmacovigilance outsourcing activities encompass gathering data associated with adverse drug reaction (ADR), preparation of risk management strategies as well as risk assessment mitigation strategies, and creation submission of expedited & aggregate pharmacovigilance reports.

Furthermore, management pharmacovigilance outsourcing activities comprise of preparing standard operating procedures as well as other controlled quality documents. In addition to this, it also include supporting internal & external compliance reporting, testing and checking business processes & systems for compliance, carrying out trend analyses & predictive modeling for compliance functions, and formulating comprehensive descriptions of the pharmacovigilance system.

Apart from this, management pharmacovigilance outsourcing activities also comprise of drafting or revising safety data exchange contracts with third parties or business partners, inspecting readiness training, checking pharmacovigilance system updates, and developing & implementing corrective & preventive action policies.

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Market Growth Drivers

Demand for strong compliance system and expertise for pharmacovigilance or need for talented professionals to maintain pharmacovigilance infrastructure has increased the maintenance cost of infrastructure supporting pharmacovigilance. This is likely to boost the demand for outsourcing pharmacovigilance activities with the view to minimize the maintenance costs of the firm.

Moreover, even with large-scale funding of pharmacovigilance operations, a firm may lack the ability to improve quality of its pharmacovigilance activities as well as compliance due to lack of availability of expert staff to perform its in-house pharmacovigilance functions. This, in turn, will steer the growth of the pharmacovigilance outsourcing market over the years to come.

Additionally, service providers are highlighting on developing & maintaining updated knowledge pertaining to pharmacovigilance activities through hiring of experienced pharmacovigilance experts. Such moves also assist them in regulating the costs. Apart from this, they bring process agendas, execute rigorously industry-tested procedures, gain huge knowledge & expertise through performing of similar services for other clients, and provide just-in-time delivery of value- based pharmacovigilance outsourcing solutions. This can allow the organizations to focus more on their core strategic goals and help them in saving the costs associated with deployment & maintenance of pharmacovigilance systems. All these aforementioned factors will enlarge the business scope over the forthcoming years.

Pharmacovigilance outsourcing providers can assist the firms in addressing the issues pertaining to the growing size and complexity of regulations, augment scalability to fit rising product portfolios, and support the firms in achieving the economies of scale along with assisting them in accomplishing their cost target. Pharmacovigilance outsourcing can free firm’s management to focus diligently on firm’s core capabilities and business performance. All these above-mentioned aspects will steer the market growth trends in the forecasting years.

North America To Contribute Majorly Towards Global Market Share By 2026

The regional market growth during forecast timeline can be attributed to the presence of giant biopharmaceutical and pharmaceutical firms in the countries like the U.S. Furthermore, the surge in the proportion of drug discoveries and drug approvals by U.S. FDA will also drive the market growth in the region over the coming years.

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Key players profiled in the report include Genpact, Bioclinica, Tata Consultancy Services (TCS), Accenture, PRA Health Sciences, Clintec, SIRO Clinpharm, CliniRx Tangent Research, Covance, Infosys, Tech Mahindra, Cognizant, Ergomed, IBM, HCL Technologies, iGATE, ICON, iMED Global, Medpace Holdings, IQVIA, Oracle, Novartis, Parexel, Symogen, and Syneos Health.

The global pharmacovigilance outsourcing market is segmented as follows:

By Service Provider

Business Processing Outsourcing
Contract Research Organizations

By Service

Post-marketing ServicesIT Solutions & ServicesKnowledge Process Outsourcing Services
Pre-marketing ServicesCase-Processing ServicesClinical Pharmacovigilance ServicesMedical ReviewSafety Data Management Services

By Region