A new era of pharmacovigilance: Worldwide master key for drug safety monitoring

[Image courtesy of Sittithat Tangwitthayaphum via iStock]

Pharmacovigilance is the backbone of pharmaceutical manufacturing. Without it, there would be no way to compare the efficacy of pharmaceuticals to their detrimental consequences. Pharmacovigilance, or PV, is intended to safeguard patients and enable the spread of knowledge among experts to reduce the risk of adverse events.

According to Future Market Insights, the global Pharmacovigilance market is anticipated to grow with a robust CAGR of 14% from 2022 to 2032. Rapid pharmacological advancement in drug discovery in recent years has resulted in the formation of several institutional-level research and development projects, culminating in clinical trials with highly decisive outcomes. Furthermore, increased hospital admissions for various disorders are forcing healthcare facilities to streamline their procedures. As a result, the scope of pharmacovigilance…

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