Veeva Systems Stock

Veeva Systems Inc. provides industry cloud solutions for the global life sciences industry.

The company’s offerings span cloud software, data, and business consulting and are designed to meet the unique needs of its customers and their most strategic business functions—from research and development (R&D) to commercialization. The company’s solutions help life sciences companies develop and bring products to market faster and more efficiently, market and sell more effectively, and maintain compliance with government regulations.

The company’s commercial solutions help life sciences companies achieve better, more intelligent engagement with healthcare professionals and healthcare organizations across multiple communication channels, and plan and execute more effective media and marketing campaigns. The company’s R&D solutions for the clinical, regulatory, quality, and safety functions help life sciences companies streamline their end-to-end product development processes to increase operational efficiency and maintain regulatory compliance throughout the product life cycle. The company’s solutions for clinical research sites enable regulatory documents and trial information to be managed in a modern cloud solution that is intended to accelerate the clinical research process for the life sciences industry overall.

The company also brings the benefits of its content and data management solutions to customers in the consumer products and chemical industries. The company’s applications offered to companies in these industries are designed to help customers efficiently manage critical processes and content in a compliant way, and to enable secure collaboration across internal and external stakeholders, including outsourcing partners and vendors.

Industry Cloud Solutions for Life Sciences

The company’s industry cloud solutions for the life sciences industry are grouped into two major product families—Veeva Development Cloud and Veeva Commercial Cloud—and are designed to address pharmaceutical, biotechnology, and medical devices and diagnostics (MedTech) companies’ most pressing strategic needs in their commercial and R&D operations.

Veeva Development Cloud includes application suites for the clinical, regulatory, quality, and safety functions of life sciences companies, all built on the company’s proprietary Veeva Vault platform. Veeva Vault’s unique ability to handle content and data allows the company to build content and data-centric applications to help customers streamline end-to-end business processes and eliminate manual processes and siloed systems. Veeva Vault can be deployed one application at a time or as an integrated solution with multiple applications that enable customers to unify and manage important documents and related data in a single global system.

Veeva Vault Clinical advances clinical trial execution by providing a complete and connected technology ecosystem. The platform is designed to enable seamless execution and flow of data between clinical trial stakeholders—including patients, research sites, contract research organizations (CROs), and trial sponsors—for faster, more efficient trials that achieve higher data accuracy and increased patient diversity. The platform is consisted of the company’s clinical suite and applications for clinical research sites and patient engagement.

Veeva Clinical Data Management Suite (CDMS) helps sponsors and CROs design and run trials with tools to speed the build process and eliminate manual steps. This includes solutions for electronic data capture; aggregating, cleaning, and transforming clinical data; and randomization and trial supply management. Veeva Clinical Operations Suite offers applications such as Veeva Vault eTMF, an electronic trial master file application, Veeva Vault CTMS for clinical trial management, and solutions for automating the flow of clinical trial information between sponsors, CROs, and clinical research sites and for better collaboration and faster clinical trials.

The company’s suite of applications for clinical research sites and patient engagement makes clinical trial participation easier for patients and streamlines study execution for research sites and trial sponsors. These offerings include applications that allow sites to maintain and access study documents electronically, to securely exchange information with sponsors and CROs, and to enable electronic processing of consents and assessments of clinical trial participants.

Veeva Vault RIM is a suite of applications that provides fully integrated regulatory information management capabilities on a single cloud platform. These offerings include applications that enable life sciences companies to manage, track, and report product and registration information and to facilitate content planning, authoring, publishing, and archiving of regulatory submissions to healthcare authorities.

Veeva Vault Safety is a suite of applications that unifies systems and processes to enable proactive patient safety. These offerings include applications that manage drug safety content as well as the intake, processing, and submission of adverse event data.

Veeva Vault Quality is the life science industry’s only unified suite of applications for managing quality content, processes, and training on a single cloud platform. Applications include solutions for managing quality content, harmonizing quality processes, and simplifying employee qualification. The unification of quality processes and systems increases operational efficiency, enables continuous improvement, and drives compliance.

Veeva Commercial Cloud is a product family consisted of software and data solutions built specifically for life sciences companies to more efficiently and effectively commercialize their products. Veeva Commercial Cloud includes solutions for the sales, medical affairs, and marketing functions of a life sciences company.

The company’s software offerings include:

Veeva CRM suite enables customer-facing employees at pharmaceutical and biotechnology companies—including sales representatives and medical science liaisons—to manage, track, and optimize engagement with healthcare professionals with a single, integrated solution. In addition, the company offers multichannel CRM applications that can enhance and extend the company’s core Veeva CRM and Medical CRM products, providing customers with an end-to-end solution across all key channels, including face-to-face, email, and virtual engagement, live and virtual enterprise events, and field collaboration, all of which support the life sciences industry’s unique commercial business processes and regulatory compliance requirements with highly specialized functionality.

Veeva Vault PromoMats is an end-to-end content and digital asset management (DAM) solution through which life sciences companies can collaborate, review, distribute, and update commercial content and manage assets.

Veeva Vault Medical provides a single, validated source of medical content across multiple channels and geographies with capabilities for medical affairs teams to centralize medical inquiries and content.

Veeva Crossix provides pharmaceutical brands a best-in-class analytics platform to maximize media investments and drive greater marketing effectiveness.

The company’s data offerings include:

Veeva OpenData is customer reference data. This includes demographic information, license information and status, specialty information, affiliations, and other key data about healthcare providers (HCP) and organizations that is crucial to customer engagement and compliance.

Veeva Link data applications are built on a modern data platform that combines intelligent software automation with human curation to ensure accuracy and depth. This allows Link to generate real-time intelligence across a growing number of areas, including key people, publications, conferences, and digital engagement.

Veeva Compass includes de-identified, longitudinal patient data for the U.S. for a wide range of commercial use cases, including launch planning, patient and HCP segmentation and targeting, and patient journey analytics.

Cloud Solutions for the Consumer Products and Chemical (CP&C) Industries

The company’s initial applications for customers outside of life sciences address specific content and data management processes within the CP&C industries. Veeva QualityOne is a robust quality management, document management, and training solution. Veeva RegulatoryOne helps companies manage regulatory submission content. Veeva Claims addresses the end-to-end product and marketing claims management process.

Veeva Business Consulting

The company offers Veeva Business Consulting services through dedicated teams that are distinct from the company’s professional services and support organization. Veeva Business Consulting provides strategic consulting services and solutions that are often enabled by the company’s unique industry-wide perspective and proprietary data. Engagements typically focus on a particular customer success initiative, strategic analysis, or business process change like commercial strategy, digital engagement, commercial content management, field optimization, and commercial insights and analytics.

Professional Services and Support

The company offers professional services to help customers maximize the value of its solutions. The company’s service teams possess industry expertise, project management capabilities, and deep technical acumen that the company’s customers highly value. The company’s professional services teams work with its systems integrator partners to deliver projects.

The company offers the following professional services: implementation and deployment planning and project management; requirements analysis, solution design and configuration; systems environment management and deployment services; services focused on advancing or transforming business and operating processes related to Veeva solutions; technical consulting services related to data migration and systems integrations; training on the company’s solutions; and ongoing managed services, such as outsourced systems administration.

The company organizes its professional services teams by specific expertise so that they can provide advice and support for best industry practices in the research and development and commercial departments of the company’s customers.

The company’s global systems integrator partners also deliver implementation and selected support services to customers who wish to utilize them. The company’s systems integrator partners include Accenture, Cognizant, Tata Consultancy Services (TCS), and other life sciences specialty firms.

Customers

As of January 31, 2023, the company served 1,388 customers. The company delivers solutions to companies throughout the life sciences industry, including pharmaceutical, biotechnology, and medical device companies, contract sales organizations, and contract research organizations.

The company’s life sciences customers range from the largest global pharmaceutical and biotechnology companies, such as Bayer AG, Boehringer Ingelheim GmbH, Eli Lilly and Company, Gilead Sciences, Inc., Merck Sharp & Dohme Corp., and Novartis Pharma AG, to emerging growth pharmaceutical and biotechnology companies, including Alkermes Inc., Alnylam Pharmaceuticals, Inc., bluebird bio, Inc., Idorsia Pharmaceuticals Ltd, and Moderna Therapeutics Inc. The company also delivers solutions to companies in the CP&C industries.

Sales and Marketing

The company sells its solutions through its direct sales organization. In large life sciences companies, the R&D and commercial business functions commonly have separate technology and business decision makers. Accordingly, the company markets and sells its solutions to align with the distinct characteristics of those decision makers. The company has distinct R&D and commercial sales teams, which the company further segments to focus on selling to large global life sciences companies and smaller life sciences companies. The company also has a distinct sales team for its sales efforts to companies in the CP&C industries.

Intellectual Property

The company’s patents and patent applications cover technology within the company’s Veeva Development Cloud and Veeva Commercial Cloud product families.

Competition

The principal such competitor for the company’s Veeva Commercial Cloud applications is IQVIA Holdings Inc., which offers a CRM application built on the Salesforce platform, various data products, and other applications that compete with the company’s products. The company’s data and data analytics products, including Veeva OpenData, Veeva Link, Veeva Crossix, and Veeva Compass, compete with IQVIA, Ipsos Group S.A., Definitive Health Corp., and smaller data and data analytics providers. No single vendor offers products that compete with all of the company’s Veeva Vault applications, but IQVIA, Dassault Systèmes, OpenText Corporation, Oracle Corporation, Honeywell International Inc., and other smaller application providers offer applications that compete with certain of the company’s Veeva Vault applications.

The company’s Commercial Cloud and Development Cloud application suites also compete to replace client server-based legacy solutions offered by companies, such as Oracle, Microsoft Corporation, and other smaller application providers.

The company sells certain of its Veeva Vault applications to companies outside the life sciences industry. In this segment of the company’s business, the company competes with solutions, such as those offered by OpenText, Microsoft, Honeywell, EtQ Management Consultants, LLC, Oracle, and Box.

History

The company was founded in 2007. It was incorporated in the state of Delaware in 2007. The company was formerly known as Verticals onDemand, Inc. and changed its name to Veeva Systems Inc. in 2009.