Pharmacovigilance - continued
The benefits of drug safety partnerships
The growing demand for pharmacovigilance has also increased the need for more experts in drug safety. But pharmacovigilance is not always a core competency of pharmaceutical and biotech companies, particularly smaller firms and those lacking a significant global presence. For these companies, outsourcing their pharmacovigilance activities to organizations with expertise in this area makes sense.
Many CROs have expanded their drug safety services in recent years, in response to demand. “A CRO can give small-to-mid size pharmaceutical companies the advantage of a fully-staffed pharmacovigilance unit at considerable savings,” notes Dr. Jackson. “For example, to purchase, install and fully validate a quality safety database can cost over $500,000 and take up to a year. By outsourcing these functions to CROs, sponsors can significantly reduce these costs and timelines.”