Safety First: Technology and Analytics Could Help Transform Pharmacovigilance | Deloitte US has been added to Bookmarks.
By Kelly Traverso, Life Sciences R&D, Deloitte Consulting LLP
Sometimes a relatively small investment can lead to the development of a product or process that benefits a company, an industry, or even society as a whole. The three-point seat belt, for example, is a simple strap of nylon webbing that protects drivers and passengers from being injured in an accident. This innovation helped to transform safety standards in the automotive industry and has saved millions of lives.
Similarly, the pharmaceutical industry is focused on ensuring the safety of its customers and the effectiveness of its products. Drug manufacturers use numerous pharmacovigilance (PV) processes and systems to make sure their portfolio complies with government safety standards. PV is the practice of monitoring the effects of a drug after its release to identify previously unreported adverse reactions.
Some manufacturers are taking PV to the next level by making modest investments to automate processes. This can help drug makers draw new insights from safety data to reduce PV costs, improve product efficacy, and discover new combinations and cures that—like the three-point seat belt—could benefit their company, the pharma industry, and society.
Automation could improve case processing and signaling
Numerous industry and marketplace trends are challenging existing PV systems and processes,2 driving some pharma companies to consider more efficient and cost-effective ways to produce robust safety data and mine it for high-quality information. Deloitte recently surveyed senior executives from mid- and large-cap life sciences companies that have global portfolios of innovative therapies. We wanted to learn more about the industry’s PV practices and find out what they expect for the future. For example, some survey respondents said they are using (or considering) automation to help reduce case-processing costs and improve signaling. Here’s a closer look:
Automation in action
Later this summer, Deloitte will release a publication that examines why and how pharma companies are investing in automation and advanced analytics. We will show how they can gain process efficiencies, free-up resources to perform higher-value activities (e.g., benefits-risk evaluation and management, signal investigation, and real-world evidence analysis), improve quality assurance, and maximize return on their PV investment. The paper also will show that even greater gains are possible if companies buckle up and expand their technology and analytics use to create a PV system that focuses on benefit/risk management and proactive surveillance across the entire product lifecycle. Like the three-point seat belt, this approach may benefit pharma companies, the life sciences industry, and society as a whole.
1. Belt, Buckled, Tedium.com, December 25, 2018 (https://tedium.co/2018/12/25/seat-belt-history/)
2. Safety System Upgrades: Past and Future Trends Driving the Decision to Upgrade, Deloitte, 2018
3. According to Deloitte analysis of the survey responses. The 10-15 percent is based on historical case volumes from FDA, available at the FAERS website: https://fis.fda.gov/sense/app/d10be6bb-494e-4cd2-82e4-0135608ddc13/sheet/7a47a261-d58b-4203-a8aa-6d3021737452/state/analysis