Pharmaceutical firms stand at important crossroads in their R&D and clinical trial journeys. The end of the blockbuster model has compelled them to participate in several therapy areas, streamline costs, and improve the time-to-value for new drugs. To ensure drug safety in a patient-centric, digital era, firms also need a more efficient and innovative mechanism to handle adverse events following a drug’s launch. Further, they need to engage with patients who are increasingly taking ownership of their health outcomes.
The industry today recognizes that Pharmacovigilance (PV) needs to evolve from a regulation-driven, transactional exercise to a more proactive and intelligent function, which is an integral part of the clinical and R&D life cycle. This transformation needs to be accompanied by a shift in PV’s perceived impact, which stretches beyond stemming the rising case volumes and cost impact to improving overall patient safety, reinstating trust between patients and pharma firms, and introducing reverse feedback loops to improve clinical and R&D processes
This report emphasizes the need to reimagine PV to meet changing demands and, in turn, unlock significant value through a 20-30% cost reduction in PV spend for a large pharma firm.
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