It deals with prevention of adverse drug reaction by collection, detection, assessment, monitoring.  It concerns with the identifying hazards associated with pharmaceutical formulation. The advancement associated with pharmacovigilance helps in producing the valid formulation by focussing on the collected data from patients and health care providers. U.S. pharmacovigilance market size was valued over USD 1 billion in 2015, and predicted to witness 10.7% CAGR from 2016 to 2024 to surpass USD 2.5 billion by 2024.

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