Veeva Systems Inc. VEEV recently announced that it is partnering with Vita Global Sciences. The partnership aims to modernize the latter’s clinical data management processes and improve collaboration with key trial stakeholders.
The latest adoption of Veeva Vault EDC (electronic data capture), part of the Veeva Vault Clinical Data Management suite of the broader Veeva Vault Clinical unit, is likely to provide a boost to the Veeva Development Cloud business.
Significance of the Adoption
Vita Global, a contract research organization (CRO), expects to use Vault EDC to design and deliver complex studies for its sponsor clients. Additionally, it plans to add the Veeva Clinical Database to aggregate and clean data from all sources and Veeva RTSM to randomize patients and optimize trial supply management. This will likely ensure that Vita Global Sciences can run the study that clients want while gaining visibility and control of trial data. The company is expected to reduce manual processes for improved accuracy and speed with modern clinical data management applications on a single platform.
Per Veeva Systems’ management, Veeva Vault EDC will likely enable Vita Global to establish a clinical data foundation and accelerate study builds and manage changes with no downtime for faster trials that can improve patient outcomes.
Industry Prospects
Per a report by Introspective Market Research, the global clinical data management system market is expected to grow from $2.3 billion in 2022 to $5.42 billion by 2030 at a CAGR of 11.3%. Factors like the rising number of clinical trials and the integration with other healthcare technologies are expected to drive the market.
Given the market potential, the latest product adoption is expected to boost Veeva Systems’ business globally.
Notable Developments
Last month, Veeva Systems’ Veeva Vault EDC was selected by Hangzhou Tigermed Consulting Co., Ltd. (Tigermed) as its technology foundation for modern EDC.
In May, Veeva Systems announced its first-quarter fiscal 2025 results, wherein management confirmed that three top 20 biopharmas had selected multiple Veeva Development Cloud Applications during the quarter.
The same month, Veeva Systems announced the availability of Veeva Vault Basics, a new offering that includes technology, training and support designed for biotechs. Vault Basics is presently available for North America and includes Vault eTMF Basics, Vault QualityDocs and Training Basics and Vault Submissions and Submissions Archive Basics.
Price Performance
Shares of the company have lost 5.8% in the past year against the industry’s 22.3% rise and the S&P 500's 22.6% growth.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Currently, Veeva Systems carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Globus Medical, Inc. GMED, Becton, Dickinson and Company BDX, popularly known as BD, and Boston Scientific Corporation BSX.
Globus Medical, sporting a Zacks Rank #1 (Strong Buy) at present, has an estimated long-term growth rate of 12.7%. GMED’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 10.8%. You can see the complete list of today’s Zacks #1 Rank stocks here.
Globus Medical’s shares have gained 19.9% against the industry’s 0.7% decline in the past year.
BD, carrying a Zacks Rank of 2 (Buy) at present, has an estimated long-term growth rate of 8.8%. BDX’s earnings surpassed estimates in three of the trailing four quarters and broke even once, with the average being 5.4%.
BD has lost 16.6% compared with the industry’s 3.7% decline in the past year.
Boston Scientific, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 12.5%. BSX’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 7.5%.
Boston Scientific’s shares have rallied 46.3% against the industry’s 1.8% decline in the past year.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
