More than 50% of Pharma Companies Expect Budgets to Continue Rising in 2014
With drug safety budgets increasing, pharma companies should equip themselves with strong pharmacovigilance infrastructure
Ideas get bigger when you share them...
RESEARCH TRIANGLE PARK, N.C. - November 1, 2013 (www.investorideas.com newswire) 56% of surveyed pharmaceutical companies increased their pharmacovigilance budgets from 2012 to 2013 ó continuing a trend identified by Cutting Edge Information in 2011.
"Driving Pharmacovigilance Success: Risk Management Plans and Adverse Event Reporting"
A recent study, "Driving Pharmacovigilance Success: Risk Management Plans and Adverse Event Reporting," discovered that companies with extremely complex or high-risk products need to adjust their drug safety budgets accordingly. Complex product portfolios ó those containing novel drug classes or high-risk mechanisms of action ó generate exhaustive caseloads for drug safety case managers and might require expert medical reviews. Both factors raise a global safety organizationís operation costs.
Pharmaceutical companies should strive to equip an effective pharmacovigilance team with the necessary infrastructure to meet its goals and responsibilities. With this support, the company can expand the teamís number of managed products without substantial budget increases ó assuming the products are not significantly more complex compared to the rest of the portfolio.
As companies assess their drug safety budgets, it is extremely important to recognize the increased cost that accompanies a drug safety teamís effectiveness. Only two surveyed companies indicate a drop in drug safety funding from 2012 to 2013. Further data show that at least half of the pharmaceutical companies surveyed expect drug safety budgets to continue rising in 2014.
The increase in budgets is partially due to the steadily rising profile of drug safety groups. But also, the rising cost of regulatory compliance is driving drug safety budgets. According to an interviewed drug safety manager, "If you were to compare from five years ago, even with the same company, the same number of products, you will have to pay much more today to meet the patient safety and risk management requirements."
The data in "Driving Pharmacovigilance Success: Risk Management Plans and Adverse Event Reporting" (http://www.cuttingedgeinfo.com/research/regulatory/drug-safety/) are designed to assist in companiesí drug safety efforts and elevate pharmacovigilance teamsí strategic impact through well-defined standard operating procedures and social media tools.
Pharmacovigilance teams can use this report to:
Optimize drug safety budgets and outsourced spending.
Build a strong team and cultivate a drug safety culture companywide.
Improve efficiency and implement best-in-class practices.
For more information about drug safety programs, contact Cassie Demeter at 919-403-6583.
Cutting Edge Information Cassie Demeter, 919-403-6583
This news is published on the Investorideas.com Newswire and its syndicated partner network
Published at the Investorideas.com Newswire - Big ideas for Global Investors
Disclaimer/ Disclosure:The Investorideas.com newswire is a third party publisher of news and research as well as creates original content as a news source. Original content created by investorideas is protected by copyright laws other than syndication rights. Investorideas is a news source on Google news and Linkedintoday plus hundreds of syndication partners. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated by featured companies, news submissions, content marketing and online advertising. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers. More disclaimer info: http://www.investorideas.com/About/Disclaimer.asp
BC Residents and Investor Disclaimer : Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.