Regulatory Information Management System: Introduction
- Regulatory information management (RIM) systems are capable of supporting global regulatory activities. These systems consist of various software and services for highly regulated industries such as pharmaceuticals, biotechnology, and clinical research.
- Regulatory information management software manages, controls, and drives product dossiers including regulatory product information. Regulatory information management software allows end-users to control, manage, and drive the process of bringing new products to market and manage interactions with authorities.
- The global regulatory information management system market is projected to expand at a rapid pace during the forecast period, due to an increase in demand for regulatory information management systems among end-users.
Global Regulatory Information Management System Market: Key Drivers and Restraints
- Increasing transformations in regulation paradigms within pharmaceuticals, medical devices, and life science sectors is estimated to boost the demand for regulatory information management systems during the forecast period.
- Increase in the number of clinical trials across the globe is one of the major factors anticipated to boost the market in the coming years.
- Rising need to reduce manual errors in regulatory processes and easy access are further expected to contribute to the growth of the global regulatory information management system market.
- Increased complexity and new ways of managing registrations and sharing regulatory data is likely to propel the need for regulatory information management systems
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Impact of COVID-19 on the Global Regulatory Information Management System Market
- Increasing cases of COVID-19 across the globe is resulting in economic slowdown. Developed countries are strongly affected by this pandemic. Businesses have been adversely impacted in most countries due to partial or full lockdown. The supply chain industry is badly impacted during this pandemic due to closure of borders across the globe. However, COVID-19 has a positive impact on the regulatory information management system market.
- According to WHO, more than 300 clinical trials have been launched to find a treatment for COVID-19. Most of the trials are done in China and South Korea. As of April 21, 2020, over 500 clinical trials have been registered for COVID-19. Further, in April 2020, Oracle built and donated a COVID-19 Therapeutic Learning System to the U.S government that allows physicians and patients to record the effectiveness of promising COVID-19 drug therapies. Hence, increase in the number of clinical trials during COVID-19 increases the need for regulatory information management systems.
North America to Hold Major Share of the Global Regulatory Information Management System Market
- In terms of region, the global regulatory information management system market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global regulatory information management system market in 2019, due to the presence of pharmaceutical stalwarts and well-established and technologically advanced companies in the U.S and Canada.
- The regulatory information management system market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to rising number of clinical trials in the region.
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