Home / Companies / News /  Fidelity Health Services set to venture into US, EU markets

NEW DELHI: Fidelity Health Services, a global service provider of pharma-covigilance and clinical research solutions, on Thursday announced expanding into the US and EU markets.

This strategic expansion, the company said, will allow it to fulfil mushrooming needs of pharmaceutical companies based in these markets.

Fidelity Health Services hosts eight new clients from the pharmaceutical and clinical research organisation industry, providing end-to-end pharmacovigilance (PV) and ad-hoc PV services.

The company has been scaling its business operations. Fidelity Health Services recorded a CAGR of 35% in the last quarter, with a cumulative CAGR of around 50% over the last 5 years. If all goes as planned, the company targets to achieve a revenue of $2 million in 2021-22.

"The global pharmacovigilance market size (close to 40% 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% from 2021 to 2028. As more and more pharmaceutical companies aim to launch their products in the North American & 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," said Pramod Dhembare, founder, Fidelity Health Services.

Going forward, the company aims to hire 15-20% of new employees in operational and quality departments to fuel its expansion plans and meet business requirements.

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