Updated on 17 September 2012
Approaching pharmacovigilance as an enterprise-wide business strategy is still not the norm but is quickly becoming so. Life science companies that embrace this shift will be able to meet near-term demands for drug safety assurances from a range of global stakeholders. Most approved products are subjected to risk mitigation plans of some sort.
Simultaneously, life sciences companies are staking out a competitive advantage in the form of more and better data used intelligently to help evaluate and direct future clinical development and for post-marketing evaluation of comparator products. The net impact will be that life sciences companies will be in a better position to deliver the higher quality, lower cost products that the market requires and deliver ultimately better quality of life to the patients.