U.K. Pharmacovigilance Market in 2021 – Detailed Analysis Report

Clinical trial outsourcing and externalization by most of the pharmaceutical and biotechnology businesses, regulatory demands on clinical trial conduct, and post-marketing supervision are expected to drive the U.K. Pharmacovigilance market in the forthcoming years. In addition to that, the market is expected to be driven by the emergence of user-friendly and technologically advanced software solutions, such as cloud-based PV platforms, in the coming years.

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Pharmacovigilance Artificial Intelligence (“PVAI”) was introduced by Genpact in June 2017 to change the way medication safety data is managed and reported. The Medicines and Healthcare Products Regulatory Authority (MHRA) struck an agreement with Genpact in December 2020 for USD 2.07 million to acquire the PVAI tool. As a result, the UK became one of the first drug regulators in the world to employ artificial intelligence to track and assess adverse drug responses.

Rise in Occurrences of Illnesses Demanding Combination Medication Therapy to Drive Demand

The steadily increasing frequency of serious illnesses that demand combination medication therapy, and the escalating occurrence of adverse drug reactions (ADRs) caused by drug misuse, are two of the key factors likely to drive the U.K. Pharmacovigilance market. In addition, expanding attempts to increase the manufacturing of critical medications, as well as the existence of strong government rules and regulatory frameworks, is estimated to fuel the pharmacovigilance market’s rise in the future years in the UK. Likewise, developments in the building of ADR databases, as well as growing use of medical information systems, are projected to support the pharmacovigilance market in the UK’s upward trajectory in the years to come.

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To enhance the processing of unfavorable events related to the COVID-19 vaccinations, the UK government has incorporated numerous innovative and cutting-edge technologies, like virtual trial technology. The use of virtual trial technologies in vaccine development and in obtaining full-service COVID trials and research is also estimated to boost the pharmacovigilance market in the UK. In addition, steadily increasing drug development activities in fields such as companion diagnostics, biosimilars, personalized medicine, adaptive trial designs, and orphan drugs are likely to boost demand in the UK pharmacovigilance market in the years to come.

Author: Rohit Bhisey

As Head of Marketing at TMR Research, Rohit brings to the table over a decade of experience in market research and Internet marketing. His dedication, perseverance, and passion for perfection have enabled him to achieve immense success in his field. Rohit is an expert at formulating new business plans and strategies to help boost web traffic. His interests lie in writing news articles on technology,healthcare and business.

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