Navitas Life Sciences joins the National Coordination Centre, Indian Pharmacopoeia Commission in celebrating National Pharmacovigilance week 17-23rd September 2021. In line with this year’s theme "Pharmacovigilance: A step towards Patient Safety", Navitas Life Sciences has always prioritized patient safety as we support our clients in bringing lifesaving medicines to the market.
In 2020, The global pharmacovigilance market size was USD 6.33 billion and it is estimated to grow at 11.5% compound annual growth rate (CAGR) between 2021 to 2028. The huge potential of pharmacovigilance necessitates the use of platforms that drive efficiencies and improve ways of operation.
Navitas Life Sciences’ Pharmacovigilance Industry Networks
Established in 2001, our networks community is the place to discuss trends, insights, and future solutions. Joining one of our industry leading networks can help to raise the profile of both your company and your team. Join your peers and be part of an independent sounding board where you can test and validate the latest thinking, and uncover industry insight to develop compelling, yet pragmatic strategies to provide business value and meet the needs of patients, payers, and prescribers.
A network for Heads of Safety and Senior Leaders of top 25 life sciences companies, investing in thought leadership to help shape future practices.
A network for PV professionals of mid-sized life sciences companies to collaborate in strategic thinking and share best practices.
A network for Heads of Information Technology for PV departments, focused on increasing business value from technology investments.
Here is how our PV networks are proving to play a vital role in the pharmacovigilance system
1) Important Data Source for Early Awareness
An effective platform for industry peers to learn and share from one another in an open environment. It helps in accessing a large amount of data, cutting across individual companies, and providing meaningful updates.
Key topics and issues that affect organizations or ‘hot topics’ addressed by action teams. The networks also provide access to the latest industry insights through webcasts, think tanks, and community exchange.
Feedback about data insights from PV Network members
“Thank you - this was so very insightful.”
“Thank you for helping us to improve our process.”
2) Benchmarking: Sought after industry benchmark information aids in comparing and measuring operational and organizational performance. The information present in the industry benchmarks has evolved beyond specific applications providing incremental gains. It helps in altering a company’s competitive positioning in the market.
- Cost per case has declined from $125/case in 2004 to $67/case in 2020.
- pvnet has seen exponential increase in ICSRs over time-11% CAGR (2011-2020)
- avg pvnet cost per case @$61, drops 25% since 2015 on the back of volumes amplified by scale and outsourcing/offshoring
- 85% of pvnet members view digital acceleration as top future strategic priority.
Members can compare their performance to peers across key indicators
Feedback about Benchmarking from PV Network members
“There is a wealth of data out there from previous benchmarking activity The members have shown the possibilities of leveraging their access to give them the most from their pvnet membership!”
3) Periodic Forums: Regular forums are organized to derive best practices and to develop innovative future solutions that tackle shared challenges. Domain expertise leveraged across organizations has resulted in nuanced approaches and solutions to workflows, as well as an increased confidence in methodologies that work.
Feedback about discussions during forums by PV Network members
“Thank you so much for the opportunity! The questions and feedback were great and gave me lots of ideas to consider. The rest of the meeting was very interesting and has great presentations. I am always impressed by your ability to manage the meeting, share your energy, ask great questions and make it engaging all at the same time! It is a pleasure to work with you.”
How Successful have our PV networks been in spearheading a revolution of insights in the Pharmacovigilance industry? Let’s find out Dr. Latika Sharma, PV Networks Thought Lead, and Ms. Louise Tan, Managing Consultant (& PV Connect TL) who provided vital updates during a recent interview
How many people attended the Spring 2021 PV network forums?
267 participants were present at the last spring forums that took place in June 2021 across pvnet, pvconnect and pvtech. There were 44 participants across 28 organisations for the last session of pvindia.
Dr. Latika Sharma
PV Networks Thought Lead,
Navitas Life Sciences
Ms. Louise Tan,
PV Connect Thought Lead,
Navitas Life Sciences
How did you support network membersduring COVID-19? Did it help in providing insights that were useful during the unprecedented times? Any examples?
COVID-19 was indeed a ‘black swan’ event-that touched so many of us in unimaginable ways-but it also brought out our inner strengths and resilience as well as provided opportunities to challenge the status quo. pvnet played an important role in facilitating peer exchange on vital strategic, operational, and scientific topics through our forums, roundtables, and scientific community sessions. We also incorporated a dedicated section on COVID-19 in our annual benchmark and garnered valuable insights on the impact and how companies are gearing up for the ‘new normal’. We continue to track the evolution of COVID products and their impact on patient safety! Our members had the unique privilege of hearing ‘first person’ accounts from the safety leaders who are instrumental in bringing vaccines and therapies to the market and monitoring their safety profiles!
When everything went digital, did the PV networks help in providing key insights?
At both pvnet and pvtech-data and digital have been topics of interest for sometime. But it was interesting to hear member on experiences on how digital and ‘remote’ played out during COVID-19. Our forums and working groups focused on implications of remote and digital-both from an operations perspective as well as handling inspections. In fact, the annual benchmark survey included Remote inspection experiences, with our Inspection Readiness Working Group refocused around remote inspection production and the development of a best practice paper.
Any current industry trend that was forecasted during previous sessions of PV networks?
PV networks is a barometer for change-we continuously look for shifts, drifts, and responses.
While Mergers and acquisitions, divestments, data, and digital continued as major factors impacting safety, COVID added a new paradigm to both PV strategy and operations. A few key themes emerging are Safety Science optimization, Navigating local regulations (L-QPPV L- PSMF), and Automation beyond ICSR.
What percentage of members are long time members?
A significant number of members who attended the last session of the PV networks and the considerable number of long-time members reflects the heightened benefits of joining the networks. Our PV Network is inextricably linked to staying ahead in the pharmacovigilance sector, addressing areas of higher value, and creating a roadmap towards better efficiency and market competency.
Don’t forget, our Autumn Forums are fast approaching. There is still time to register your interest in attending one of our events. Please click here for more information.