The global pharmacovigilance market size is expected to reach USD 13.11 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 13.2% during the forecast period. Increasing incidence of Adverse Drug Reactions (ADR) is the key growth driver. ADR imposes a substantial burden on healthcare systems and is one of the prominent causes of morbidity in developed countries. According to the National Center for Biotechnology Information (NCBI), approximately 5% of total hospitalizations in Europe each year, are due to ADR.Pharmacovigilance services play an integral role in this clinical trial phase by assisting manufacturers in identifying adverse effects associated with the drug.

According to the World Health Organization’s (WHO) report on pharmaceutical consumption, medicines to treat chronic diseases accounted for a larger proportion of the total volume of drug consumption in non-hospital setups. Hence, there has been a significant rise in the number of medicines made available to healthcare consumers. Rising demand for drugs has significantly heightened the need for the development of novel therapeutics via extensive clinical trials, which is expected to serve this market with lucrative opportunities.

Moreover, leading pharma companies in developed countries are focusing on outsourcing PV services to reduce cost and to minimize operational expenses. This is anticipated to serve as an opportunity for contact research organizations in developing regions to gain more revenue share. Manufacturers are now focusing on remodeling their product development processes in an attempt to cater to patient needs across the globe. These factors are anticipated to fuel the demand for pharmacovigilance services during the forecast period.

The growth in PhV is fast which eventually leads to managerial and director roles with good pay packages. After completing the certificate or diploma course in pharmacovigilance,

• one can start their career in this profession with more than 2.5 lakh per annum. In a span of five years, the pay scale of the candidate might land between 5 to 8 lakh per annum. However, the sky is the limit for experienced and skilled persons.

• The Entry level job for life science graduate/post graduates is DSA (Drug Safety Associate or senior drug safety associate). DSAs are mainly involved in case creation, processing, evaluation, checking for MSI ( Minimum safety information – a patient, a reporter, a suspect drug and a adverse event ), reconciliation and follow-up process, data entry of all information available in the document and medical coding, narrative writing. From there, career progression in PhV will typically grow with exposure, knowledge and experience.

• Your role can vary from process expert, subject Matter Expert product quality lead, team leader, assistant manager, deputy manager, senior manager, general manager, director, vice president, Service Delivery Manager/lead, and many more.

There is continuous growth in the field with an average 30% raise in salary every year. The yearly compensation for a career in PhV is very good and starting salary ranges.