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Pharma Tech Outlook | Thursday, June 02, 2022
Pharmaceutical firms are attempting to automate pharmacovigilance (PV) to cut costs, improve patient safety, and uncover revenue prospects alongside compliance at scale.
Fremont, CA: The requirement to track adverse events across additional regions and reporting channels raises manual compliance costs when pharmaceutical makers bring more specialized medications to market. This diverts money away from higher-value operations that fuel development, such as safety monitoring and risk reduction.
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The number of adverse reaction reports received by the US Food and Drug Administration increased by 84 percent between 2014 and 2020, with industry experts forecasting that worldwide pharmacovigilance expenditure will increase at a compound growth rate of 11.5 percent between 2021 and 2028.
For these reasons, pharmaceutical firms are attempting to automate pharmacovigilance (PV) to cut costs, improve patient safety, and uncover revenue prospects alongside compliance at scale. They aim to shift from reactive risk management to proactive risk prediction and prevention while automating routine jobs like data input.
Increasing the effectiveness of pharmacovigilance automation
• Develop an overarching business plan
Allowing technical employees to play with the most cutting-edge AI/ML technologies without a clear vision for the intended business objectives is a recipe for lost time and effort. Instead, establish quantifiable targets and base the automated PV plan on them.
Identify the appropriate stakeholders and a sponsor who can assist in developing the plan and obtaining the financing required to put it into action. While these processes are standard in every corporate endeavor, they are especially crucial when implementing major changes, such as the use of artificial intelligence to automate medication safety monitoring.
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• Initially, keep humans in the loop.
While pharmaceutical businesses and regulators seek to build trust in fully automated PV, pharma organizations can award confidence scores to the outcomes supplied by automated PV systems. Begin by doing a business process analysis of PV activities that do not involve considerable human judgment, such as a doctor's assessment to identify the significance of an occurrence.
• Consider using larger datasets to anticipate future events.
Companies have traditionally solely examined adverse event data for their goods. However, over the last four to five years, they have also been able to use FDA quarterly data to study adverse occurrences connected with products from different businesses, allowing them to undertake comparisons for more medications to anticipate future adverse events better.
• Create a structure for assessing and explaining the business case.
Define "early win" use cases for PV automation with anticipated costs and benefits with the support of an advisory panel of PV stakeholders, including the chief medical officer, director of safety operations, and head of safety risk management.
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