Pharmacovigilance is identifying, evaluating, comprehending, and preventing the adverse effects of new and existing medicines. It is an integral part of clinical research, which occurs throughout the life cycle of the medicine, from being developed to market launch. Pharmacovigilance involves assessing the information provided by healthcare providers, pharmaceutical companies, and patients to understand the risks and benefits of a medicine. The safety and effectiveness of drugs are detected through pharmacovigilance which is essential for safeguarding public health.
Business Benefits
- Improved patient safety: By identifying and mitigating risks associated with medicines, pharmacovigilance can help to improve patient safety and reduce the risk of ADRs. This can lead to improved patient satisfaction and loyalty and reduced legal liability.
- Increased market share: By demonstrating a commitment to patient safety, pharmacovigilance can help pharmaceutical companies to gain market share and attract new customers.
- Enhanced reputation: A strong pharmacovigilance program can help to improve a pharmaceutical company's reputation and make it more attractive to investors and partners.
- Reduced costs: By identifying and preventing ADRs, pharmacovigilance can help to reduce the costs associated with drug recalls, lawsuits, and patient care.
- Compliance with regulations: Pharmacovigilance is a regulatory requirement for pharmaceutical companies in many countries. By complying with these regulations, pharmaceutical companies can avoid fines and penalties.