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| Pharmacovigilance Market |
The global pharmacovigilance market is
growing significantly due to increasing concern for drug safety, increasing
incidences of adverse drug reactions and toxicity, and high patient compliance
for drug usage. In addition, government and non-government organizations are
actively involved in determining drug safety and efficacy, which in turn is
supporting growth of global pharmacovigilance market.
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According to the studies conducted by WHO in developed countries,
approximately 5% of hospitalized patients are admitted in the hospitals due to
adverse drug reaction, and 6-10% of these patients would suffer from serious
adverse drug reactions. Pharmaceutical and biotechnology companies are actively
involved in the development of new drugs; this creates an increased demand for
pharmacovigillance.
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Geographically, North America leads the global pharmacovigilance market due
to high incidences of adverse drug reactions and high regulatory compliance for
pharmacovigilance. In addition, presence of a large number of pharmaceutical
and biotechnology companies is fueling the growth of the North American
pharmacovigilance market.
Asia-Pacific is the fastest growing region in the global pharmacovigilance
market due to increasing concern for drug safety and efficacy, increasing
incidences of adverse drug reactions and toxicity, and increasing number of
pharmaceuticals and biotechnology companies. Moreover, the pharmacovigilance
market is growing rapidly due high growth of generic drugs market in emerging
economies, such as India and China.
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Some of the major players operating in the global pharmacovigilance market
are Sanofi, Cognizant Technology Solutions, Accenture, Wipro Limited, F.
Hoffmann-La Roche Ltd., ICON plc, Clinquest Group B.V., Pfizer Inc., PAREXEL
International Corporation, Novartis AG, iGATE Corporation, GlaxoSmithKline, and
Bristol-Myers Squibb Company.
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