Fidelity Health Services sets to venture into the US and EU markets
The company eyes the business revenue of $2 million in 2021-22
Fidelity Health Services is geared up to expand its territorial footprint in the US and EU regions. This expansion will allow the company to fulfil the mushrooming needs of pharmaceutical companies based in these markets, the company said in a statement.
It also mentioned that the company provides end-to-end pharmacovigilance (PV) and ad-hoc PV services to bio-pharmaceuticals companies. Besides catering to five pharmaceutical companies and a few global CROs as their outsourcing partner for pharmacovigilance services, the company has been offering its end-to-end services for the last five years to one of the top generic pharmaceutical companies, empowering it to manufacture highly-valued products in 30 global markets.
Further, according to the statement, the company recorded a CAGR of 35 per cent in the last quarter, with a cumulative CAGR of around 50 per cent in the last five years. If all goes as planned, the company targets to achieve a revenue of $2 million in 2021-22.
Speaking on the growth statistics, Dr Pramod Dhembare, founder, Fidelity Health Services, said, “The global pharmacovigilance market size (close to 40 per cent taken by North American industry) was valued at $6.33 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 11.5 per cent from 2021 to 2028. As more and more pharmaceutical companies aim to launch their products in the North American and European Union markets, we intend to go ‘international’ and seize this business opportunity to fully support such companies to meet their objectives while strengthening our balance sheet.”