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.