Pharmacovigilance (PV) is increasingly taking its toll on life science organisations. According to EY research1, large pharmaceutical companies contend with an average of 700,000 adverse event (AE) cases each year, a number that IDC2 has found to be rapidly increasing by 30 to 50 per cent annually. The pandemic has exacerbated the situation, with the fast tracking of COVID-19 vaccines increasing AE caseloads to more than one million a year for some industry players.Companies are under pressure to manage this increased case load effectively while still maintaining their current cost base. Data sources are proliferating, challenging safety teams to make sense out of the jumble of data points to produce valuable insights, while also satisfying divergent regulatory requirements for safety reporting – all of which contribute to increased cost for PV departments.
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