Innovative Approaches to Drug Safety

Innovative Approaches to Drug Safety

Date: 15 November 2019

Time: 1 to 5 PM EST

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The current practice of pharmacovigilance is fraught with challenges and limitations, but new technologies, perspectives, and concerns are shaping the way stakeholders will need to conduct this crucial activity in the coming years. You are cordially invited to join our workshop on the future of pharmacovigilance, which offers you an opportunity to participate in a robust, informative and professional discussion about the future of pharmacovigilance. We seek your perspectives on the issues before us today and how they will influence the drug safety environment in the 2020s.

You are cordially invited to join our workshop on the future of pharmacovigilance. We understand the challenges and limitations of the current ways to conduct the business of pharmacovigilance and seek your perspective to achieve broader consensus. Topics of interest include the role of stakeholders in shaping the informational needs, system responsiveness, production of real-world evidence, incentives and barriers to investment into automation and AI tools, the monetary value of safety information, patient privacy issues and innovative approaches toward generating evidence.

The cost of Adverse Drug Reactions and Adverse Drug Events is estimated at $3.5 billion a year but suspected to be $25 billion a year if unreported ADRs are considered. Consequences include increased costs for treatment, increased length of hospital stay, higher readmission rates, and higher in-hospital mortality.

By 2025, the outsourced pharmacovigilance market will be worth about $10.27 billion with an expected growth of 13.1% CAGR. The main drivers of this growth are regulatory requirements and increasing incidence of Adverse drug events due to an aging population and increasing demand for treatment for chronic diseases.

Pharmacovigilance needs reform to evolve beyond compliance in order to produce better quality, actionable intelligence that is responsive to the needs of stakeholders within the healthcare ecosystem, including healthcare providers and patients.

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