Cognizant, Infosys, Profiled in Pharmacovigilance Outsourcing Market Forecast 2018 - 2024 | Top Key Player Covance, Genpact, HCL Technologies, IBM, ICON, iGATE, IQVIA, Novartis, Oracle, Parexel, Syneos Health

The global pharmacovigilance outsourcing market is projected to witness significant growth in the coming years attributed to the rising prevalence of adverse drug reactions along with advancements in the pharmacovigilance technology. Adverse drug reactions are often attributed to serious health problems that can result in a patient’s hospitalization and even prolonged hospital stay. Drugs aren’t 100% safe, every one of them has its own therapeutic benefits as well as side-effects, which need to be dedicatedly monitored and regularly reported. Recently, a two-day conference on adverse drug reactions held in Indian city Ahmedabad addressed nation’s rising issues pertaining to adverse drug reactions.

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The conference further stressed on the country’s growing need for reporting and monitoring of adverse drug reactions, while focusing on pharmacovigilance and data management challenges. The rapid increase in the nation’s population in consort with rising drug needs, presents a commendable growth opportunity for the pharmacovigilance outsourcing market growth in the region.

Availability of cost-effective pharmacovigilance outsourcing services provided by leading CROs and BPOs in emerging economies such as India will prove beneficial for the industry growth. CROs and BPOs have skilled and staff dedicated on providing pharmacovigilance outsourcing services at a lower cost. Multinational pharmaceutical companies as well as the start-up biotechnology companies prefer pre and post marketing pharmacovigilance services that are available at comparatively lower cost. Low cost of outsourcing services will ensure high demand thereby, propelling the industry growth. However, outsourcing the pharmacovigilance activities may involve risk as clients will have no control over quality of drug safety analysis and platforms being utilized for assessing the ARDs that will restrain industry growth to some extent.

Pre-marketing pharmacovigilance outsourcing services segment was valued at USD 713.1 million in 2017 and is expected to have considerable revenue size over the forthcoming years. Pre-marketing pharmacovigilance outsourcing services include reporting adverse events encountered during the clinical trials. Many pharmaceutical companies involved in drug manufacturing, outsource drug safety activities associated with clinical trials to avoid the delays in drug approval process that should augment the segmental growth in near future.

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CROs segment will grow at 15.9% by 2024 and has numerous growth opportunities that will flourish the segment even in future. CROs are firms that typically have gained expertise in providing efficient and accurate pharmacovigilance outsourcing services that will increase the demand for drug safety outsourcing. Moreover, majority of the revenue generated by CROs is due to the customized pharmacovigilance outsourcing services utilizing technologically advanced platform for drugs developed will favor segmental growth.

India pharmacovigilance outsourcing market accounted for 19.5% revenue share and is anticipated to have exponential growth during the forecast timeframe. Presence of large number of companies providing drug safety outsourcing services will trigger the industry growth in India. Also, favorable government initiatives coupled with developing regulatory landscape will escalate the industry growth in near future.

Germany pharmacovigilance outsourcing market was valued at USD 185.4 million in 2017, as a result of the presence of well-established players providing pharmacovigilance activities to major pharmaceutical companies. Germany based BPOs are well-known for knowledge processing IT services and with enormous client-base these companies acquire majority of the market share. Aforementioned factor along with growing cases of ADRs will favor the industry growth.

Some of the eminent industry players operating in pharmacovigilance outsourcing industry include Accenture, Bioclinica, Clintec, Cognizant, Covance, Ergomed, Genpact, IBM Corporation, ICON, iGATE Corporation, iMED Global Corporation, Infosys, IQVIA, MarksMan Healthcare, Medpace Holdings, Novartis, Oracle Corporation, Parexel, PRA Health Sciences, SIRO Clinpharm, Symogen, Syneos Health, Tata Consultancy Services (TCS) and Tech Mahindra.

These key industry players implement strategic initiatives such as mergers and acquisitions, development of new services that help them in sustaining market competition. For instance, in February 2016, Cognizant Technology Solutions Corporation engaged into new digital healthcare development platform to expand its business services. The firm introduced Cognizant Health TranZform, a new healthcare platform developed by Orion Health for empowering operational efficiency and making sound decisions regarding cost and quality of patient?s care and thus driving customer engagement. This strategic initiative will boost Cognizant?s revenue.

Table of Content:

Chapter 1. Methodology

1.1. Methodology

1.2. Market definitions

1.3. Forecast parameters

1.4. Data sources

1.4.1. Secondary

1.4.1.1. Paid sources

1.4.1.2. Unpaid sources

1.4.2. Primary

Chapter 2. Executive Summary

2.1. Pharmacovigilance outsourcing industry 360 degree synopsis, 2013 - 2024

2.1.1. Business trends

2.1.2. Service trends

2.1.3. Service provider trends

2.1.4. Regional trends

Chapter 3. Pharmacovigilance Outsourcing Industry Insights

3.1. Industry segmentation

3.2. Industry landscape, 2013 - 2024

3.3. Industry impact forces

3.3.1. Growth drivers

3.3.1.1. Cost effective pharmacovigilance services in developing regions

3.3.1.2. High profile drug recalls due to safety concerns

3.3.1.3. Benefits offered by outsourced compliance providers over in-house compliance functions

3.3.1.4. Increasing adverse drug reactions and drug toxicity

3.3.2. Industry pitfalls and challenges

3.3.2.1. Risk associated with data security

3.3.2.2. Dearth of skilled personnel

3.4. Growth potential analysis

3.4.1. By service

3.4.2. By service provider

3.5. Regulatory landscape

3.6. Porter's analysis

3.7. Competitive landscape, 2017

3.7.1. Strategy dashboard

3.8. PESTEL analysis

Chapter 4. Pharmacovigilance Outsourcing Market, By Service

4.1. Key segment trends

4.2. Pre-marketing services

4.2.1. Market size, by region, 2013 - 2024 (USD Mn)

Outer scope of this report implementation of this service often demands huge expenditure pertaining to the installation of the pharmacovigilance systems and management software. However, new technologies are constantly looking for ways to tackle this issue. For instance, driven by the increasing occurrence of adverse events, Iqvia has designed a Software as a service safety platform dedicated to reducing the cost and complexity of pharmacovigilance activities including adverse event identification, case processing, and simplified regulatory reporting, in a bid to offer organizations the ability to perform real-time signal detection.

Such attempts at advancements will not only generate cost-effective solutions but also improve the overall quality of the service, prompting more organization to opt for the service, thereby boosting pharmacovigilance outsourcing market growth in the future.

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