Hyderabad: OMICS Group International on Tuesday announced its plans to organize 3rd International Conference and Exhibition on Pharmacovigilance and Clinical Trials from October 27-29 at Hyderabad International Convention Centre, Hyderabad.
Pharmacovigilance, also known as drug safety, is the pharmacological science relating to the collection, detection, assessment, monitoring and prevention of adverse effects with pharmaceutical products.
Recently, its concerns have been widened to include herbals, traditional and complementary medicines, blood products, biologicals, medical devices and vaccines.
The theme of the conference is “safer drugs to market by analysing latest developments in pharmacovigilance, drug safety and risk management”, informed Srinubabu Gedela, managing director of OMICS Group.
Some of the topics likely to be discussed during the meet are pharmacovigilance, clinical trials, adverse drug reactions, pharmacokinetics, pharmacodynamics, pharmacy practices, clinical research, strategies for growth in pharma environment, good pharmacovigilance practices and pharmacoepidemiology.
India is home for more than half a million qualified doctors and 15,000 hospitals having bed strength of 6,24,000 and it is the fourth largest producer of pharmaceuticals in the world, according to a statement by OMICS.
Indian pharmaceutical industry is worth more than Rs 90,000 crore and it is growing at the rate of 12-14 per cent per annum, the statement said.
According to various estimates, Adverse Drug Reactions (ADR) occur in 10-20 per cent of hospital inpatients, accounting for 2-6 per cent of all hospital admissions, and are among the top 10 causes of death in inpatients.
About 15-20 per cent of hospital budget may be spent dealing with fatal drug complications. Between 30 per cent and 60 per cent of ADRs are believed to be preventable.
M Venkata Reddy, director, Hitech Institute of Advance Pharmaceutical Sciences, said, “It takes 12 to 15 years before a new drug is introduced in the market. For every drug to get evolved and accepted it needs so much time for series of tests to prove its efficacy.”
“Pharma companies spend anywhere in the range of Rs 300 to 500 crore to develop and introduce a new drug. From 1960 till now 150 drugs were taken back from the market due to their adverse reactions. Due to which Rs 7500 core spent on developing these drugs has gone down the drain,” added Reddy.