Pharmacovigilance is considered as a career with well defined structure which eventually helps in a constant growth in terms of both career and economy. The basic introduction on pharmacovigilance and how all it will be benefited to the future generations will be discussed below.
What is Pharmacovigilance?
Abbreviated as PV or PhV, Pharmacovigilance deals with detection, assessment, understanding and prevention of adverse effects, particularly long term and short-term side effects of medicines. In simple language, it is the science of collecting, monitoring, researching, assessing and evaluating information from healthcare providers and patients on the adverse effects of medications, biological, herbalism and traditional medicines with a view to:
1-Identification of hazards after detailed analysation on various medicines.
2-Safeguarding patients from wrong medications.
Why should students opt for Pharmacovigilance as their career options?
Students of today’s generation have more clarity on shaping up their own career. There are wide opportunities available across the globe. Pharmacovigilance is considered to be one of the best career option for life science and pharmacy graduates. It mainly deals with reporting and analysing of medicine side effects and ensure drugs in the market are safe and secured. Pharmacovigilance professionals also maintains a constant records on drugs in clinical trial and also drugs sold in market. If by any chance there is any report on drugs side effects, Pharmacovigilance professionals will conduct systematic case study on the specific drug and will send the analysis reports to concern departments. These professionals also identifies signals in data that may have a potential threat of side effects and probe the case further.
Scope of Pharmacovigilance in India and around the world
India ranks high in the list of largest producers and exporters of pharmaceuticals in the world. There are 8000 plus licensed drug manufacturers in India which will create great job opportunities for pharmacovigilance professionals. In parallel, this career is high in demand in all over the world which also includes United States and many other European countries.
India, being the fourth largest producer of pharmaceuticals in the world has more than 6,000 licensed drug manufacturers and over 60,000 branded formulations. India offers unique advantages for the growth of Pharmacovigilance that include:
1- Awareness on drug side effects among people.
2- Lakhs of formulation in domestic market
3- Large number of licensed drug manufacturers in India
4-Potentially large world scale Adverse Drug Reaction (ADR) database
In terms of revenue, the global pharmacovigilance market is estimated to expand at a healthy CAGR(compound annual growth rate) of 14.2% through 2020. The global pharmacovigilance market was valued at US$ 2,759.1 Mn in 2014 and is expected to reach US$ 6,104.1 Mn in 2020, expanding at a CAGR of 14.2% from 2015 to 2020.
Career Path of Pharmacovigilance on fast track
- Entry level job in Pharmacovigilance is DSA (Drug Safety Associate) Typically pharmacovigilance starting salary is from Rs. 35000/- to Rs. 50000/- per month for Medical candidates.
- Once a candidate has 2-3 Years experience and builds required skill sets (Medical coding, narrative and scientific writing, good understanding of medical terms and basic understanding of regulatory affairs, ICH-GCP and compliance etc) he can go on to become a DSS (Drug Safety Scientist). Typical monthly salary is from Rs. 50,000 to Rs. 1,50,000 per month.
- With a Post Graduate Diploma In Pharmacovigilance and an overall of 7 -10 Years’ experience in this position, you can easily become a Team lead or Team manager based on the company. Make your career path of Pharmacovigilance and let your future be bright and shining.
- Lastly, individuals end up acquiring the position of a Director or Vice-President with an experience of 9-10 years.
WHY ICBIO ?
ICBIO provides wide range of programmes and courses in Mumbai and Bangalore for Graduates & Post Graduates of life sciences and medical sciences background for Full-Time to Part-Time and Distant Learning courses in the field of Clinical Research, Clinical Trial Management, Clinical Data Management, Pharmacovigilance, Medical Writing, Bio informatics and various corporate training programmes for students and working professionals.