πŸ§—πŸ» Analyzing Common Challenges: Pv Services vs Core Companies

This is the business-focused blog where we discuss:

  • Common challenges within B2B relationships between pharmacovigilance services and pharmaceutical companies.

Introduction

Through insightful discussions and thorough analysis, we aim to demonstrate the challenges that arise in this crucial relationship.

Join us on this journey as we seek to find effective solutions and foster a stronger collaboration between pharmaceutical companies and pharmacovigilance services.

Together, we can work towards safer and more efficient drug monitoring and ensure the well-being of patients worldwide.

During our work as a pharmacovigilance service provider since September 2022, to start-up our mission we have encountered and identified numerous challenges that are commonly faced by both pharmaceutical companies and pharmacovigilance service providers.

“In the dynamic landscape of business-to-business operations, uncertainties may pose as challenges, but they are not definitive failures. Embrace the unknown, strategize, and journey forth, seeking the right path with fewer unfortunate turns along the way.”

Exploring B2B

B2B is a globally competitive business format, with a majority of businesses operating under this model. Rough estimates indicate that B2B sales can constitute anywhere from 70% to 80% of total sales in certain industries, although it may be lower in others.

Purely B2B models are often depends on product-based companies. The primary focus within B2B is generally on providing services.

Analyzed Challenges

The challenges outlined below are explored from a unique perspective, specifically focusing on the pharmaceutical industry and pharmacovigilance service providers.

These challenges can include:

  1. High volume of adverse event reporting
  2. Backlogs causing delays
  3. Late submission of critical data
  4. Quality issues impacting product safety
  5. High pricing causing financial strain
  6. Increased employee turnover
  7. Compliance challenges and regulatory hurdles
  8. Data protection concerns and security risks
  9. Highly sensitive and confidential information at stake

1. High volume of Adverse event reporting

In recent times, due after the COVID-19 pandemic, there has been an unexpected surge in the number of adverse events being reported on a daily basis, making it difficult for pharmaceutical companies to effectively manage adverse drug reactions (ADRs).

πŸ“’ Here is an article where we discuss one of the reasons behind the increased flow of adverse event reporting after the COVID-19 pandemic.

2. Backlogs causing delays

One of the secondary concerns caused by the high volume of adverse event reporting is the accumulation of cases, resulting in backlogs that cause delays in addressing and resolving the reported adverse events.

πŸ“’ Recommendation: If you find yourself frequently grappling with backlogs while managing your business, it’s time to consider implementing a new strategy. Check out this insightful blog that delves into various approaches and strategies for effectively managing backlogs.

3. Late submission of critical data

The high volume of adverse event reporting and resulting backlogs can lead to cases being pushed into a dead end, causing delays in the submission of critical data.

This is a significant problem for pharmaceutical companies as there are penalties for late submission.

As a service provider, it is essential to communicate clearly about the situation and explore alternative solutions to minimise delays in critical data submission.

4. Quality issues

The aforementioned factors can also contribute to quality issues. Meeting promised quality is a significant challenge for many companies, and failure to do so can result in broken deals and loss of business opportunities.

Quality management is a crucial aspect of the pharmaceutical industry, and companies must prioritise it to maintain customer trust and achieve long-term success.

πŸ“’ Recommendations: I suggest exploring our category dedicated to discussing solutions to specific problems encountered in pharmacovigilance and another article that explains risk management within pharmacovigilance.

5. High Pricing

In service-based businesses, the price a company pays does not guarantee the expected quality.

The true value lies in assessing what companies actually receive, regardless of the price. It’s crucial to consider factors beyond cost, such as a service provider’s track record, reputation, and expertise.

Aligning specific needs with service offerings ensures companies choose providers that deliver the desired outcomes. Ultimately, the focus should be on value rather than price in order to make informed decisions.

I recommend checking our pricing, which you may find insightful.

6. Increase employee turn-over

In the wake of the pandemic, the prevalence of job resignations has increased significantly. However, a concerning trend has emerged where many companies fail to understand or listen to their employees.

Moreover, some companies have initiated lay-offs, potentially due to the emergence of AI implementation.

πŸ“’ PS: I just ignore to detail for those points 7, 8 & 9 it may considered very common factor in all the services, but definitely very significant factor to consider when it comes to data protection.

Conclusion

In conclusion, we have identified pain points and devised effective solutions that meet our company’s needs. Through diligent research and analysis, we are confident in the success of our chosen strategies.

We are committed to monitoring progress, making adjustments, and driving positive results. Join us on our page to find our solutions and embark on a path towards achieving our goals.

Disclaimer: We write this blog based on our experience and extensive knowledge, supported by references. Please note that we are not responsible for the content on the referenced websites. If you come across any misinformation or misguidance or spelling mistakes, kindly inform us promptly.



Bala Avatar

Meet Bala, the founder of Drugvigil, a service provider specializing in pharmacovigilance. He’s not only an expert in this field, but also a passionate entrepreneur who enjoys creating new opportunities and helping others grow. Despite starting from scratch, he’s determined to develop his company from the ground up. If you’re interested in his work, be sure to show your support and share his message with others.




Just a fancy image. www.drugvigil.com






Comments

2 responses to “πŸ§—πŸ» Analyzing Common Challenges: Pv Services vs Core Companies”

  1. […] Recommendation: For a detailed exploration of the points mentioned above, refer to our existing blog that delves into the challenges within pharmacovigilance processing. […]

  2. […] πŸ“’ Recommendations: We suggest exploring our article that delves into the role of drug regulatory bodies and how they contribute to bolstering public safety and the common challenges faced by PV service providers and the listed core companies. […]

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