Pharmacovigilance plays a big role in the development of medicinal products. It is meant to ensure that the products being produced are beneficial to the health of patients across the world.
With the increased demand for medical products globally, the importance of pharmacovigilance has even become more important.
Outsourcing to increase efficiency
Specialized outsourcing is largely becoming a common approach in pharmacovigilance. This is aimed at meeting the increasing demand and costs of maintaining trained Pharmacovigilance professionals.
Over the past few years, it has become evident that sustaining employees in-house is more costly than outsourcing. This has prompted different companies to seek alternative ways such as outsourcing to save on operational costs.
Below are some of the benefits associated with outsourcing in pharmacovigilance:
• Increased flexibility
• Reduced fixed costs
• Increased productivity
Secondary data sources
Technology has generally made the acquisition of information more liberal. In the recent past, there has been an increase in the number of secondary information sources. This includes claims files, social media, electronic health records, and regulatory reports.
However, there is a unique challenge when it comes to the acquisition and use of secondary data. Most pharmaceutical companies have started using secondary data recently. This is considering the fact that it is not a regulatory requirement. That’s why only companies interested can use it.
Technology companies have also taken advantage to provide flexible and robust platforms that are currently aiding pharmaceuticals to integrate information in an easy manner. Having said that, it is important to note that secondary data helps in the early detection of any health issues.
Cloud-based reporting is another important trend in the pharmacovigilance sector. It is important because it contributes to a robust database of adverse events all over the world.
Many sectors are now taking advantage of the opportunity to store and assess huge amounts of data on the cloud.
As the number of data sources continue to expand, healthcare companies are faced with the urgent need to optimize their ability to take in, store, and analyze huge volumes of data.
Below are the major drivers of cloud storage:
• Efficiency and cost – companies can efficiently store data at reduced costs
• Simplicity – it is easy for companies to review all manner of information and make necessary changes
• Scalability – The complexity of searching and storing information in hard drives and other sources is eliminated
Data analytics is the ability to use data and provide solutions to eminent health problems. This can only happen if there is a proper way of receiving and storing data.
Most life science companies have taken advantage of data analytics to detect issues in different medical products and offer solutions to the same.
Through data analytics, such companies are able to uncover unknown correlations, new patterns, patient preferences, and trends that help to maintain the safety of medical products.
Pharmacovigilance analytics offer a great opportunity to harness information and comply with government regulations and ensure safety.
Just like in many other sectors, players in pharmacovigilance have largely automated processes and non-value-adding tasks. With many companies facing financial shortages, automation comes in handy since it helps in reducing the cost of operation.
Automation can help companies achieve a lot through the following ways:
• Getting rid of redundant steps in the current processes
• Ensuring end-to-end safety handling of products
• Boosting efficiency
However, the success of an automation process depends on the company’s resources and willingness to change. But the benefits will always outweigh the cost of automating services or operations.
In a nutshell, pharmacovigilance has come a long way and continues to transform the medical sector.