The pharmacovigilance industry is poised to grow into an $8 billion market by 2024. That’s a massive increase of over 10 percent since 2017. And that means two things. First, there’s money in this industry. And second, it's going to become more competitive.
And when there’s more competition, companies need to work harder to reach their audiences. That requires marketing. But it requires more and better marketing than what most companies are doing right now. Here's why your organization needs to up its game.
Why the Pharmacovigilance Market Is Growing
According to the World Health Organization, 35 million people die from chronic diseases worldwide each year. That means the pharmaceutical industry is working double-time to combat these diseases. And it means there’s a surge of drugs getting to the market. Of course, as more drugs reach the market, tougher regulatory standards are required to ensure against adverse drug reactions (ADRs) and drug toxicity events.
However, rising regulatory procedures and tougher examination systems don’t outweigh the immediate need for patient treatment. This is where pharmacovigilance comes in.
The pharmacovigilance industry makes sure pharmaceutical companies don’t lose money on their investments by ensuring drugs coming to market are safe for consumer use. Testing drugs prior to their market release protects the population against ADRs. And this is extremely important since, in America alone, an estimated 7,000 deaths occur each year from ADRs. Obviously, pharmacovigilance is a necessary part of the pharmaceutical industry.
How the Pharmacovigilance Market Is Growing
North America holds the largest share of the pharmacovigilance market. And the United States dominates this share. That’s because the US has favorable government regulations for clinical trials and a rising number of ADRs. Drugs get pushed to market fast. And North American manufacturers want to protect their investment.
Also, as hospitals make their footprints larger in Europe, the European pharmacovigilance market share is expected to grow exponentially. That's also due to favorable government regulations. Plus, at least 1.91 extra days of hospitalizations occur on an average of 5% of hospital patients experiencing an ADR. That’s not a huge number. But it’s enough to be worrying to consumers.
Obviously, these numbers aren’t acceptable to pharmaceutical manufacturers either. And that’s why manufacturers in the US and Europe are actively seeking firms like yours. Your organization needs to get the pharmaceutical companies’ eyes on you. That’s where marketing comes in.
What You Need to Do to Increase Your Pharmacovigilance Market Share
Every company in every industry needs marketing. Yours is no exception. Some business leaders believe if they provide a marketable product, customers will flock to them. This isn’t the case.
Successful companies engage in branding and advertising. They have a website clearly explaining what they do. They attend trade shows and produce written materials. They’ve established themselves as experts in their fields. Your company shouldn’t be any different.
When you’re ready to start marketing your expertise, you’ll want an organization with this knowledge guiding you every step of the way. That’s where StellaPop comes in. We specialize in providing marketing services and business solutions for results-oriented companies. And we’d love to help you out. Check out our website. And feel free to click through to talk with a live specialist whenever you’re ready.