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Monthly Archives: November 2017

What is the Scope of Pharmacovigilance?

Over a past few years, there is a fast pace increase in the number of domains in the healthcare industry which is indeed the reason for the trajectory growth of the healthcare industry.  One such domain that has shown positive growth is Pharmacovigilance.

Pharmacovigilance, defined by the WHO is ‘the science and activities relating to the detection, assessment, understanding, and prevention of adverse effects of drugs’.

Why all pharmaceutical markets across the nations need Pharmacovigilance services?

Did you know? Infectious and parasitic disease and respiratory infection were the two leading causes of death in 2017, and interestingly enough, a massive 48.7% of the population have been on at least one prescription drug.

According to WHO Report on Life Expectancy, the rate of chronic disease has increased by 18% between 2008 and 2015, while the non-chronic diseases are up at 15% over the same period.

Despite the full range of benefits we get from modern medicine, there are adverse drug reactions (ADR) which may cause permanent serious illnesses, side effects, paralysis and even death. The field of Pharmacovigilance is essential for monitoring public health and institutionalizing the safe use of medicine.

The global pharmaceutical market worth over $1 trillion. It is said that there is a cumulative annual growth rate (CAGR) of 6% from 2014 to 2020. Added to this the increasing geriatric population, and rising burden of chronic and non-chronic diseases, it is no surprise that the worldwide market for Pharmacovigilance services is forecasted to be worth $6.1 billion in revenue by 2020.

How does this affect Pharmacovigilance?

The increase in both chronic and non-chronic diseases are the main driver of demand for the production of medicines. Therefore, the global growth of various health conditions is equivalent to the consumption of drug and pharmaceutical products and the consequent appearance of ADRs. With thousands of drugs expected to hit the pharmaceuticals market in the next few years, there is an increased clamor for drug monitoring and regulating, hence driving the Pharmacovigilance industry to grow at a CAGR of 14.2%.

With the increased demand for drug safety and monitoring, a growing number of multinational pharmaceutical companies are turning to Pharmacovigilance services. If you are planning for a career in Pharmacovigilance, then this is the best time.

At Joshi Medicode, we offer a comprehensive range of training for various courses related to healthcare and life science like medical coding, billing, transcription, healthcare business analyst, and pharmacovigilance.

Visit our website www.joshimedicode.com  or contact us at +91 984 926 6033 for further details about the Pharmacovigilance training, classes, demo and many more.

Opportunities and career advancement for women in Medical coding.

Ladies out there!! When it comes to obtaining a new career, do consider medical coding and billing- a highly demanded profession in a growing industry.

The U.S. Bureau of Labor Statistics expects that three million healthcare jobs will be created in the decade leading up to 2019. Employment in medical coding and billing is expected to increase by 18% in the same time, which is faster than the average for all other occupations.

Medical coding and billing in the healthcare industry is not just a great option because it’s fast-tracked; it also opens up infinite future opportunities, especially if you want to move elsewhere in the healthcare industry. Medical coding and billing can provide you with a career while you take further studies in nursing or even medical school. Medical Coding can also be useful for future pharmacists or general caregivers.

Job responsibilities

Medical coding and professional billing specialists work hand-in-hand to make sure that all of the medical invoices are coded and paid correctly. As companies shift to electronic medical records, workers who have a strong understanding of technology and computer software will be in high demand.

To make sure that all medical services are billed correctly and are paid on time, medical billers need to communicate with patients and insurance companies frequently. In contrast, professional medical coders have less interaction with patients and insurance companies but work closely with physicians. They are accountable for assigning a code to each procedure and diagnosis for insurance purposes.

Medical coders work in a mixture of environments. Some coders work in hospitals, doctors’ offices,  or outpatient facilities for full-time or part-time. Many coders even provide their services from home this is especially an advantage for women who seek for the job from home. Few coders work for insurance companies. Some medical coders work as employees, while others do their work as a freelancer, this is also another great opportunity that women can grab. There are many work environments available to medical coding professionals, which makes medical coding a convenient career.

Required skills and training

The medical coding and billing profession requires a strong knowledge of medical terminology, anatomy, coding procedures, the laws in concern to health information, medical billing software, and quality improvement measures.

Medical coding and medical billing training can take anywhere from about 6 to 9 months for a certificate, the majority of which prepare students for certification exams.

As medical coding and billing offer many opportunities and benefits, it is a great opportunity for women who seek for career advancement. Medical coding and billing training at Joshi Medicode is a smart decision for motivated women who want to enter the healthcare industry quickly. If you would like to know more information about medical billing and coding, contact us today to discuss upcoming demos, enrollments, and take the first step towards a bright future and a rewarding career.

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