- Registered a CAGR of 35% in the last quarter
- Expanded its offerings in Toronto to meet the requirements of North American pharmacovigilance clients
- Eyes business revenue of USD 2 million in 2021-22
India, 12th August 2021: Reinforcing its commitment to bolster the Pharmacovigilance infrastructure around the world, Fidelity Health Services, a global service provider of Pharmacovigilance and Clinical Research solutions, is geared up to expand its territorial footprint in the US & EU regions. This strategic expansion will allow the company to fulfil the mushrooming needs of pharmaceutical companies based out in these markets.
Fidelity Health Services provides end-to-end pharmacovigilance (PV) and ad-hoc PV services to bio-pharmaceuticals companies. Besides catering to five pharmaceutical companies & a few global CROs as their outsourcing partner for pharmacovigilance services, the company has been offering its end-to-end services for the last 5 years to one of the top generic pharmaceutical companies, empowering it to manufacture highly valued products in 30 global markets. Considering its distinctive services and list of renowned clients, other companies are drawn towards the success of Fidelity Health Services and it aspires to profit from its partnerships with the same.
From the initial set up of serviceable offices in Pune and Mumbai, India to branching out its operations in the UK and Toronto, Canada, the brains of the company have come a long way to scale its business operations in recent years. With the addition of new products in existing clients and new clients, Fidelity Health Services recorded a CAGR of 35% in the last quarter, with a cumulative CAGR of around 50% in the last 5 years. If all goes as planned, the company targets to achieve a revenue of USD 2 million in 2021-22.
Speaking on the remarkable growth statistics, Dr. Pramod Dhembare, Founder of Fidelity Health Services, said, “The global pharmacovigilance market size (close to 40% taken by North American industry) was valued at USD 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”.
Since its foundation, the Pune-based enterprise had an exclusive agreement for 5 years with one of its clients to cater their end-to-end PV work, which allowed the company to expand its team from 3 to 80 employees. But with the arrival of the COVID pandemic in March 2020, the exclusivity of the agreement was diluted, allowing the company to meet the needs of other pharmaceutical companies. Against this backdrop, Fidelity Health Services now hosts eight new clients from the Pharmaceutical & CRO industry.
Even though the pandemic slowed down the hiring process in many companies, the recruitment process of Fidelity Health Services stayed functional and onboarded 20 employees to match the increasing business deliverables for its clients. Going forward, the company aims to hire 15-20% of new employees in operational and quality departments to fuel its expansion plans & meet the new business requirements.