The rising cost of pharmacovigilance (PV) tasks has been an ongoing challenge for the pharma industry. Many companies have chosen to shift these tasks to overseas vendors to take advantage of cheaper labor without compromising quality. However, as the benefits of outsourcing have increased so too have the costs, forcing companies to shift their operations from country to country in an ongoing quest to find cost-effective labor pools. We’re starting to see this model hit its limits as companies can no longer find enough workers at desired cost levels in these countries to handle the PV workload.
At the same time, the volume of PV cases has steadily risen as regulators push doctors to report more incidences, and patients share their adverse event stories via chat groups, registries and social media. Regulators and industry bodies are also seeking more in-depth trend data that looks beyond individual cases to identify signal trend patterns across treatment categories and patient populations. They want to see companies increasing their use of AE reports to gain greater insights about safety and support future decision making.
The combined pressures of cost, volume and heightened demand for analytics are forcing the industry to embrace advanced technology to support their PV activities.