new company Oviya MedSafe Private Limited at The Residency Hotel on 23.02.2013 at 04.00 PM.
KTVR Vijaydeepa Group and Ma Foi Group have come together to launch a new company titled Oviya MedSafe Private Limited, to offer Pharmacovigilance Consulting and Outsourced Drug Safety Support Services to global pharmaceutical companies. Pharmacovigilance is the science of study of adverse drug reactions. The inaugural function was held at The Residency Hotel on 23.02.2013. Mr. Yagya Prasad Neupane, Chairman, Nepal Pharmacy Council, Kathmandu launched the new company Oviya MedSafe Private Limited and delivered the inaugural address. In his inaugural address, he said that pharmacovigilance is a very important part of public health and stressed upon the fact that the dynamic benefit-risk ratio of every drug should be monitored in every country through proper pharmacovigilance activities, to prevent and effectively manage adverse drug experiences.
Mr. Moin Don, Executive Director, PVCON Pharmacovigilance Consulting and Auditing Services, Mumbai who conducted a workshop titled ‘Pharmacovigilance for Aspiring Professionals’
Dr. J. Vijay Venkatraman, Managing Director and CEO of Oviya MedSafe Private Limited spoke about pharmacovigilance and how it is practised in the pharmaceutical industry across the world. He explained the concepts behind outsourcing of pharmacovigilance activities and also elaborated on the benefits that pharmaceutical companies would get by outsourcing their pharmacovigilance processes rather than keeping them in-house. He also remarked that starting the company in Coimbatore was fuelled by the excellent pharmacy and medical as well as paramedical educational institutions in the city, along with its growing image as a preferred IT city. He felt that students from this region would benefit by way of the exponentially increasing employment opportunities in the pharmacovigilance sector.
Mr. K. Pandia Rajan, Founder of Ma Foi Group and Director of Oviya MedSafe Pvt Ltd said the pharmaceutical industry in India is valued at Rs. 90,000 crores, clocking an annual growth rate of 12-14% per annum. Exports in the sector are seeing a growth of 25% Compounded Annual Growth Rate, with the current estimated value being Rs. 40,000 crores. India’s pharma exports reach around 200 countries in the world including the highly regulated markets of USA and UK. Indian pharmaceutical companies are now catching up with their global counterparts in pharmacovigilance also, thanks to the emerging new regulations enforced by the government. Further, he added that as we witness the rapid and promising growth of the country’s consulting and research / analytics sector, Ma Foi would play an even more crucial role in the emerging pharmacovigilance consulting market as well by being part of Oviya MedSafe. He mentioned that Ma Foi was extremely confident that Oviya MedSafe, which has prominent experts of the healthcare and pharma industry at its helm will grow and expand its operations in major cities across India as well as in select global locations by 2015.
Dr. L.P. Thangavelu, Honorary President of Indian Medical Association, Tamil Nadu State Branch felicitated the function. During his talk, he mentioned that KTVR Vijaydeepa Group has been the pioneer in the apartments business in Coimbatore and has diversified into healthcare and education. He expressed confidence that the group would shine in the pharmacovigilance sector as well, since able persons like Mr K Pandia Rajan are also on the board. Dr. J. A. Jayalal, Honorary Secretary of Indian Medical Association, Tamil Nadu State Branch congratulated Dr Vijay for his untiring efforts and undying passion for pharmacovigilance. He mentioned that pharmacovigilance, beyond the concept of a multi-national business that employs lots of Indian graduates, should be part of everyday practice and called for all the statutory councils in the domain of healthcare to jointly strive towards preventing adverse drug reactions and ensure that the benefit-risk ratio of all our medications are in favour of the patients’ well-being.
Mr. Sudhir Kandarth, Sales Manager, Health Services Global Business Unit, Oracle India Private Limited, Mumbai, felicitated the function and explained on the role of information technology in pharmacovigilance and impressed upon the fact that the life science students should be technology oriented to ensure that they are able to apply their domain knowledge in the dynamically changing career landscape in pharmacovigilance.
Earlier Dr. V. Janarthanan, Managing Director of KTVR Group Hospital and Chairman of Oviya MedSafe Pvt Ltd welcomed the gathering and the function ended with the vote of thanks proposed by Dr. C. J. Arun Raja, Orthopaedic Surgeon at KTVR Group Hospital and Director of Oviya MedSafe Pvt Ltd.