Brand Insights - Thought Leadership | Paid Program
Here’s how pharma businesses can speed the handling of adverse events, reduce costs, improve patient safety and spur growth through pharmacovigilance automation.
As pharmaceutical manufacturers bring more specialty drugs to market, the need to track adverse events across more geographies and reporting channels increases manual compliance costs. This diverts investment from higher value functions that drive growth, such as safety surveillance and risk minimization.
Between 2014 and 2020, the number of adverse event reports received by the US Food & Drug Administration grew by 84%, with industry analysts projecting global pharmacovigilance spending will grow at a compound growth rate of 11.5% between 2021 and 2028.
For these reasons, pharmaceutical companies are seeking to automate pharmacovigilance (PV) to speed the handling of adverse events, reduce costs, improve patient safety and unlock growth opportunities alongside compliance at scale. They want to move from reactive risk management to proactively predicting and preventing adverse events, while automating mundane tasks such as data entry.
Using AI to automate the pharmacovigilance process
Advanced artificial intelligence (AI) in the form of machine learning (ML) can not only help automate the extraction, classification and entry of adverse event data from source documents; it can also unlock new capabilities such as inferring safety outcomes across geographic and reporting domains and across multiple drugs.
Based on our work with pharmaceutical providers, we’ve found automated PV can reduce drug safety costs by 40% to 60%, allow aggregate analysis of multiple adverse events, reduce delays in reporting events and enable proactive risk management.
We’ve also identified ways in which PV data could be correlated with human genomic data to enable personalized treatment, and help regulators and manufacturers understand the true risks of treatment and reduce time to market for new medications.
However, many automation efforts stall because PV managers are reluctant to turn the tracking of potentially life-or-death adverse events over to automated processes that lack human control, or to algorithms that do not explain how they arrived at decisions such as whether to classify an adverse event as serious.
Many regulators have been reluctant to accept the results of systems whose behavior cannot be validated through deterministic testing that proves they generate consistent, correct outcomes that match expectations. As a result, regulatory groups are recommending and beginning to develop AI regulatory frameworks.
Boosting success of pharmacovigilance automation
As both AI technology and the regulatory landscape evolve, our work with clients has identified five steps pharmaceutical companies can take now to automate the pharmacovigilance process.
Pharma companies that automate PV process will not only speed the handling of adverse events and reduce costs; they will also move from a reactive to a proactive stance when it comes to predicting and preventing adverse events. By doing so, they can position themselves for greater insights into patient safety and growth opportunities for the foreseeable future.
Visit our pharmacovigilance webpage for more information about automating PV processes.
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