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North America Most Lucrative Region in Pharmacovigilance Market: Report - Yahoo Finance
As the number of chemical entities has been growing in the global pharmaceuticals market, pharmacovigilance is increasingly become a mandate for drug manufacturers. Considering the change in regulations, phase III and phase IV studies are being increasingly conducted to monitor the long-term safety outcomes of pharmaceuticals and biological products. Implementation of active pharmacovigilance activities assists in the execution of long-term plans, such as in bringing improvement in patient outcome and minimisation of health care associated costs, particularly related to Adverse Drug Reactions (ADRs), and in the prevention of drug hazards. To provide deeper insights into the pharmacovigilance market, the report has also been segmented by phase of drug development, type of reporting method and type of service provider. By phase of drug development, the clinical trial phase III segment is projected to expand at a CAGR of 15.5% in the global pharmacovigilance market by phase of drug development by 2020 end in terms of value. Evaluation of real-time effectiveness of the drug and availability of a facility to conduct trials in state-of-the-art settings, thus complementing the outcomes of premarketing randomised control trials, are the prime benefits availed from pharmacovigilance in phase IV trials. It has also been reported that approximately 57% of the global pharmaceutical companies outsource post marketing operations to CROs in order to avoid the high operational cost associated with technological infrastructure and hiring skilled staff. Preview Analysis: http://www.futuremarketinsights.com/reports/pharmacovigilance-market The primary barriersin the market include high risk associated with securing data in case of pharmacovigilance outsourcing and lack of availability of skilled workforce specialising in drug monitoring. The primary trend in the pharmacovigilance market is an increase in dependence on third party services.
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