Yahoo Finance Veeva Systems' (VEEV) New Tie-Up to Improve Clinical Trials
Veeva Systems Inc. VEEV recently announced a collaboration with UCB. The tie-up is expected to focus on technology-driven solutions aimed at improving the patient experience and trial efficiency.
Per the partnership terms, UCB will be adopting Veeva electronic patient-reported outcomes (ePRO) and Veeva eConsent.
The latest collaboration is expected to provide a significant boost to the Veeva Vault Clinical Suite under the Veeva Development Cloud solutions. Notably, the Veeva Development Cloud solutions belong to the broader Life Sciences segment and will likely improve the patient experience and trial efficiency.
Few Words on the Products
Veeva ePRO simplifies the design, management and completion of ePRO with seamless data flow among sponsors, sites and patients. Veeva eConsent simplifies the set-up, completion and review of consent for patients, sites and study teams. Both applications are available to patients through MyVeeva for Patients, which provides one point of access for all their clinical trial actions, scheduling and communications.
Rationale Behind the Collaboration
UCB’s adoption of Veeva ePRO and Veeva eConsent is expected to provide a patient-centric, digital experience to study participants and actively influence the strategic direction of these and other applications based on learnings.
Veeva Systems and UCB aim to revolutionize digital clinical trials with multiple applications that meet unique patient requirements.
Per Veeva Systems’ management, the partnership with UCB will likely enable it to advance patient-centric digital trials. Management feels UCB’s input will likely aid in advancing its approach to solutions that significantly enhance digital trials.
UCB’s management believes the tie-up with Veeva Systems will likely aid it in improving the clinical trial process.
Industry Prospects
Per a report by Marketsandresearch.biz, the global clinical data management system market was estimated to be $1574.8 million in 2021 and is projected to reach $4294.1 million by 2028 at a CAGR of 15.4%. Factors like the surge in clinical trials, a flourishing healthcare industry, and increasing research collaborations and partnerships are expected to drive the market.
Given the market potential, the latest collaboration is expected to strengthen Veeva Systems’ position in the global clinical data management space.
Recent Developments
This month, Veeva Systems 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.
The same 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.
Again, in May, Veeva Systems announced the availability of Veeva Link Workflow, a no-code platform to build custom workflow applications on Veeva Link real-time data.
Price Performance
Shares of the company have gained 1.6% in the past year compared with the industry’s 4.6% rise and the S&P 500's 4.9% 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 Boston Scientific Corporation BSX.
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 5.8% compared with the industry’s 2.4% 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 36.5% compared with the industry’s 5.9% rise over the past year.
Boston Scientific, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 11.5%. BSX’s earnings surpassed estimates in two of the trailing four quarters and missed in the other two, the average surprise being 1.9%.
Boston Scientific has gained 28.5% against the industry’s 31.4% decline over the past year.
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