Despite spending billions of dollars, lack of drug-related Adverse Event (AE) reporting and subsequent drug safety breaches continue to impact millions of lives and cause financial losses. Pouring more money at their Pharmacovigilance (PV) arms is no longer an efficient solution, so what can the pharmaceutical companies do to get out of this quagmire?
The answer lies in innovation. The PV market is at the cusp of the age of innovation with various disruptive technologies proliferating the market. These technological disruptions can not only significantly impact the efficiency of the PV process but can also lower the cost as well as AE detection timelines for pharma companies, provided they
Have a clear and robust strategy of how they want to move ahead the technological curve. For instance, to implement an AI-based solution, pharma companies should first invest in basic automation, analytics, and cloud
Proactively identify opportunities and partner with specialized technology vendors and service providers to fill up the technology-gap. For instance, many pharma companies are investing in mobile-based AE reporting apps. However, until and unless all these apps are connected with a common platform (which could be third-party) so as the patient doesn’t have to download n-number of apps for n-number of drugs, a mobile-based app might not realize its entire potential
The viewpoint touches on the PV innovation story and deep dives into some of the key innovative technologies proliferating the market.
Health insurance claim denials cost payers and providers over US$300 billion every year. Other than the financial loss, both the payers and the providers incur additional administrative burden, increase A/R cycle, and loss of member goodwill. Take…
