'Global pharmacovigilance spending will be worth $15.46bn by 2015' says visiongain analyst
A new report by visiongain, a London-based business information company, predicts that global pharmacovigilance spending will be worth $15.46bn by 2015. The market was worth just under $12bn in 2010.
- (1888PressRelease) September 09, 2011 - Pharmacovigilance has evolved rapidly over the past three decades. The monitoring of drug safety standards is now overseen by a number of regulatory authorities. With the increasing cost of getting a drug to market (now estimated to be $800m to $1bn), pharmaceutical companies cannot afford to have a drug recalled because of severe adverse events. The damage to brand reputation may also be irreparable.
Dr Sharmarke Mohamed, healthcare industry analyst, says: "Pharmacovigilance is now at a stage where regulatory authorities are starting to understand the importance of having greater consumer participation in the reporting of adverse drug reactions (ADRs). This has been mandated in the new EU legislation on pharmacovigilance. There is still significant work to be done, however, in improving pharmacovigilance standards across different countries. Despite the efforts of the ICH, there are still considerable discrepancies in how the recommendations of the ICH are interpreted across different countries. This is a significant market restraint."
Visiongain predicts that this market will grow steadily to 2021. The future of the pharmacovigilance market looks promising. This new report adds to visiongain's wide range of analytical reports in healthcare and other industries.
To see sample pages of this report please visit http://www.visiongain.com/Report/674/Pharmacovigilance-and-Related-Developments-2011-2021
For an exec summary please email Sara Peerun
Email: sara.peerun ( @ ) visiongainglobal dot com
Tel: +44 2027 3366100
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun ( @ ) visiongainglobal dot com or call her on +44 (0) 207 336 6100