Research reveals the life sciences industry is adopting new technologies to automate safety processes and drive down costs, while staying compliant
REDWOOD SHORES, Calif., March 22, 2018 /PRNewswire/ -- New research conducted in partnership with Informa Engage / Pharma Intelligence reveals that 62% of drug safety experts have implemented or plan to implement Artificial Intelligence (AI) to improve adverse event processing. The findings point to an industry-wide push for a faster, more accurate, and more secure approach to pharmacovigilance using new technologies.
The success of pharmacovigilance efforts hinges on the ability to spot risks early, manage them effectively, and comply with increasingly complex regulations. Drug safety teams view AI as a means to achieve this, and have already begun to explore its potential:
- 27% have or plan to implement AI for quality assurance
- 23% have or plan to implement AI for follow-up processing
- 19% have or plan to implement AI for faster reporting
Andrea Charles, Editor, Custom Content, Informa Pharma Intelligence said, “Safety teams are under immense pressure to work quickly and accurately, but their biggest concerns are patient safety and the protection of their data. They need a robust approach to pharmacovigilance that allows them to work faster while maintaining a high standard of accuracy and security, which is why they are replacing and enhancing their systems with advanced technologies that are fit for the job.”
The research also reveals an industry-wide shift towards cloud-based systems to improve security. Almost 60% of respondents already have safety solutions in the cloud or are planning to move there within the next two years.
Bruce Palsulich, VP of safety product strategy for Oracle Health Sciences, said, “With the increase in adverse events reported, and the flat growth in resources to manage safety case processing, pharmacovigilance teams are under extreme pressure to do more with less. Fortunately, adverse event processing is becoming faster and smarter with the help of AI and the cloud. Both technologies are helping drug safety experts to improve quality and accuracy in the handling of the data they work with, and drive down their reporting costs. The time is ripe for wider adoption, and it’s encouraging to see the industry embrace new ways of working that will benefit them and the public.”
For this study, data was gathered from 153 professionals (director level and above) with titles including regulatory affairs, risk management, head of pharmacovigilance and adverse event case reporting, within pharmaceutical companies, CROs and sponsors from around the globe (North America, Europe, Asia Pacific, South America, Middle East and Africa). The data was gathered from November 2017 to December 2017.
On 22 March 2018 at 11:00 a.m. ET, Oracle Health Sciences and Pharma Intelligence will host a webcast to explore these trends in detail. Experts from both organizations will outline the forces behind the uptake of AI and cloud-based systems in the drug safety sector, and share insight into how these technologies will improve pharmacovigilance efforts. Click here for more information and to register for the live webcast.
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Informa Pharma Intelligence powers a full suite of analysis products - Datamonitor Healthcare, Sitetrove, Trialtrove, Pharmaprojects, Medtrack, Biomedtracker, Scrip, Pink Sheet and In Vivo - to deliver the data needed by the pharmaceutical and biomedical industry to make decisions and create real-world opportunities for growth. With more than 500 analysts keeping their fingers on the pulse of the industry, no key disease, clinical trial, drug approval or R&D project isn’t covered through the breadth and depth of data available to customers. For more information visit pharmaintelligence.informa.com.
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