Global pharmacovigilance spending forecast to reach $15.46 billion by 2015

Spending on pharmacovigilance will reach a value of $15.46 billion by 2015, compared with just under $12 billion in 2010, according to Pharmacovigilance and Related Developments 2011-2021, a new report published by business information firm Visiongain.

Pharmacovigilance has evolved rapidly over the past three decades. The monitoring of drug safety standards is now overseen by a number of regulatory authorities. With the increasing cost of getting a drug to market (now estimated to be $800 million to $1 billion), pharmaceutical companies cannot afford to have a drug recalled because of severe adverse events. The damage to brand reputation may also be irreparable.

Sharmarke Mohamed, health care industry analyst at Visiongain, says: "Pharmacovigilance is now at a stage where regulatory authorities are starting to understand the importance of having greater consumer participation in the reporting of adverse drug reactions (ADRs),” noting that this has been mandated in the new European Union legislation on pharmacovigilance.