Increasing incidence rate of adverse drug reactions (ADR) and stringent drug safety regulations are expected to be prime pharmacovigilance market growth drivers during the forecast period. Growing prevalence of acute and chronic ailments has resulted in a rapid rise in demand for new drug development. Moreover, growing adverse drug reaction related hospitalization rates, detecting and reporting about the same has become the need of the hour in the pharmaceutical industry.
http://www.grandviewresearch.com/industry-analysis/pharmacovigilance-industry
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