Yahoo Finance Veeva Systems' (VEEV) New Launch to Improve Patient Outcomes
Veeva Systems Inc. VEEV recently announced the availability of Veeva Link MedTech. It is a data application developed for MedTech companies to identify scientific experts, personalize engagement and map activities across the healthcare ecosystem.
Veeva Systems’ Link MedTech is currently available worldwide.
The latest launch is expected to provide a significant boost to Veeva Systems’ industry cloud solutions of the broader Life Sciences segment and will likely improve the patient experience.
Significance of the Launch
The Veeva Link MedTech, which has been built on the same platform as Veeva Link Key People, combines automation and human curation for an accurate, in-depth view of expert profiles in medical devices and diagnostics globally. It equips medical affairs and commercial teams with real-time data to effectively engage with customers and key opinion leaders (KOLs). With access to validated data on key experts, teams can drive precise and relevant engagement from the start.
Per management, the Link MedTech will likely help MedTech companies build relationships with the industry's notable KOLs to improve patient journeys.
Industry Prospects
Per a report by Precedence Research, the global healthcare cloud computing market was estimated to be $35.61 billion in 2022 and is anticipated to be around $127.04 billion by 2030 at a CAGR of 17.2%. Factors like the growing adoption of electronic health records, the increasing access to advanced technology and the rising usage of the cloud for reducing cost and improving scalability, storage and flexibility are expected to drive the market.
Given the market potential, the latest addition to its industry cloud solutions is expected to strengthen Veeva Systems’ position in the global cloud application space.
Recent Developments
This month, Veeva Systems announced that Sanofi is implementing Veeva Vault QMS and Veeva Vault QualityDocs to modernize quality management across the company, including consumer healthcare.
The same month, Veeva Systems announced the availability of Veeva Link Workflow, a no-code platform to build custom workflow applications on Veeva Link real-time data.
Again, in May, Veeva Systems announced the addition of Veeva Compass Prescriber and Veeva Compass National to its current Veeva Compass Patient offering.
Price Performance
Shares of the company have gained 1.6% in the past year compared with the industry’s 0.9% rise and the S&P 500's 8% growth.
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Zacks Rank & Other Key Picks
Currently, Veeva Systems carries a Zacks Rank #2 (Buy).
A few other top-ranked stocks in the broader medical space are Hologic, Inc. HOLX, Merit Medical Systems, Inc. MMSI and DaVita Inc. DVA.
Hologic, carrying a Zacks Rank #2 at present, has an estimated growth rate of 5.1% for fiscal 2024. HOLX’s earnings surpassed estimates in all the trailing four quarters, the average being 27.3%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Hologic has gained 4.3% compared with the industry’s 2.9% rise in the past year.
Merit Medical, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 11%. MMSI’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 20.2%.
Merit Medical has gained 42.7% compared with the industry’s 9.6% rise over the past year.
DaVita, carrying a Zacks Rank #2 at present, has a long-term estimated growth rate of 14.6%. DVA’s earnings surpassed estimates in three of the trailing four quarters and missed in one, the average surprise being 17.3%.
DaVita has gained 6.9% against the industry’s 17.1% decline over the past year.
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DaVita Inc. (DVA) : Free Stock Analysis Report
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Veeva Systems Inc. (VEEV) : Free Stock Analysis Report