“A career in pharmacovigilance is quite interesting with a nicely described career path.” According to a market research published recently by ‘Transparency Market Research’ titled “Pharmacovigilance Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014 – 2020”, the worldwide market for pharmacovigilance was almost 2,426.6 USD in the year 2013 and will cross USD 6,104.1 million in 2020 with an estimated CAGR of 14.2%.
There is a rapid career growth in this field which gradually brings one to respected positions with excellent salary packages.
Before getting into details let’s understand what pharmacovigilance is, what you are expected to do as a pharmacovigilance professional, career aspects and much more.
What is pharmacovigilance?
Pharmacovigilance also abbreviated as PV is the medical science related to the detection, evaluation, and prevention of adverse effects of drugs, biologics or any medical device. It includes the knowledge of both short-term as well as long-term adverse effects of a therapeutic in a post-marketing or clinical trial setting.
Importance of pharmacovigilance
Pharmacovigilance or drug safety is evolving as a strategic discipline for the drug development and pharmaceutical marketing companies and includes the tools, systems, and methodologies used in collecting, monitoring and evaluating adverse event data from patients using drugs, biologics, and medical devices in full compliance to the regulatory framework or guidelines.
Pharmacovigilance systems are planned to
- Explore new information about risks related to drugs
- Reduce the risk and providing more safe medication to the patients (Risk Identification and mitigation)
- Confirm with secondary and primary research methods the risks (signals) identified
- Be advisory for new drug or medicine discovery and development
Why should you choose pharmacovigilance as your career?
Pharmacovigilance is an excellent employment option for pharmacy, life science, and medical graduates. It is a scientific discipline that involves reporting and assessing the side effects of a medicine. It is mainly due to the function of Pharmacovigilance professionals that the medicines in the marketplace that we consume are safe, and all those that are identified as hazardous are taken off the market. Pharmacovigilance professionals continually monitor the safety of the medicines in clinical trials as well as the medicines previously being marketed in the market. Just after a therapeutic side effect is reported, the Pharmacovigilance professionals enter the event in appropriate databases, follow-up with the event to collect additional information and send these reports to regulatory authorities and other appropriate regulatory bodies.
Who hires pharmacovigilance, professionals?
People trained in Pharmacovigilance can find excellent employment opportunities in the following organizations:
- Pharmaceutical Companies.
- Biotech companies.
- Contract Research Organizations (CROs)
- Regulatory Authorities such as DCG(I), FDA & CDSCO
- Knowledge Process Outsourcing (KPOs) such as Accenture, Cognizant, Sciformix Corporation, iGATE, etc.
Now when you know that there are numerous benefits of having a career in pharmacovigilance, why not set your pharma career high with this booming opportunity by getting trained at Joshi Medicode.