Innovation in technology has drastically transformed many aspects of our lives. Proliferation of smartphones and pervasive internet connectivity have changed the way we connect with our loved ones. Cloud storage, online shopping, video on demand (VOD) are few offerings of technology to us.
The healthcare sector too has benefitted immensely from technological advancements. Whether it is the adoption of digital technology to store patient records, or development of continuous glucose monitoring, advances in technology have given healthcare sector better ways of managing a host of ailments.
The pharmacovigilance sector has also witnessed various changes, or it can be said that, the sector has adapted itself to meet the ever-changing regulations. With a focus on decreasing the incidences of adverse drug reactions and boosting patient safety, the pharmacovigilance industry is expected to broaden in scope and scale in the years to come. Research estimates global pharmacovigilance market revenues to surpass US$ 6 billion by 2020, expanding at a compound annual growth rate (CAGR) of over 14% during the period 2015-2020. Let’s take a look at some of the trends that are expected to shape up the industry during the forecast period.
- Use of Technology for Proactive Pharmacovigilance
Pharmacovigilance companies are moving to a proactive approach to minimise adverse drug reactions. Instead of adopting a ‘wait and watch’ approach, pharma and biotechnology companies are focusing on continuously monitoring and assessing a drug through its lifecycle.
In July this year, Yellow Card smartphone app was launched in the UK to monitor the efficacy of medicines and give the public a platform to report adverse drug reactions. The smartphone app is linked with the Medicines and Healthcare products Regulatory Agency (MHRA), enabling early detection of adverse impact of drugs.
- Incorporation of Social Media
Pharma and biotech companies are incorporating social media not only as a part of their marketing strategy, but also to get immediate feedback from patients on any adverse effects of drugs.
Although use of social media in healthcare and pharma sector is still in infancy as FDA guidelines are not clear cut on this, the number of people who use social media regularly provides a platform for effectively monitoring the reactions to a new drug.
- Personalised Medicine
Genes, physiology, and anatomy play a crucial role in determining the risk factor of a drug to an individual. Personalised medicines – ones that take into account all of the previously mentioned factors – can help in assessing the risk of certain drugs to certain individuals.
Although compounding pharmacies do prepare customised drugs for patients, they are not subject to the same level of scrutiny and regulation as the pharma industry. After the meningitis outbreak, the regulations have increased somewhat, however, it is the pharma and healthcare sector that is anticipated to play a bigger role in the development of personalised medicine.
The information presented in this article is based on a market study by Future Market Insights. You can preview the table of contents and Sample of the report at http://www.futuremarketinsights.com/reports/sample/rep-gb-1107
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