Credit: Shutterstock photoVeeva SystemsVEEV recently launched Veeva OpenKey - which provides customer data for all healthcare professionals (HCP), healthcare organizations (HCO), and affiliations across life sciences' major markets. The company also announced the OpenKey Partner Program, which looks to forge collaborations with major life sciences companies.
Due to restrictive vendor contracts, Life Sciences companies are unable to fully leverage the customer data they purchase. Preliminary results of the Veeva 2015 European Life Sciences Industry Survey showed that 83% of life sciences executives are unhappy with the quality of customer data they have access to.
Veeva OpenKey is aimed at obliterating such complexities with the help of data access agreements and partnerships with other third-party providers. We feel the launch of Veeva OpenKey will help the company gain better market traction by expanding its existing presence in the data business.
Recently, Veeva was selected by GlaxoSmithKline GSK as the latter's multichannel Customer Relationship Management (CRM) partner. This strategic partnership is expected to position Veeva as one of the leading providers of cloud-based CRM solutions for life sciences and pharmaceutical companies.
In Dec 2014, Veeva opened two new European data centers in Germany and the U.K. The data centers are expected to support European and global customers' needs for all of the company's cloud-based solutions such as Veeva CRM, Veeva Network and Veeva Vault.
Veeva also announced the availability of the Veeva Network Provider Database in Europe. This is expected to provide life sciences companies with access to accurate HCP, HCO and affiliations data. We feel such positive developments will bode well for the company and eventually result in better top-line growth.
Zacks Rank
Currently, Veeva has a Zacks Rank #2 (Buy). Some other top-ranked stocks in the medical sector are LeMaitre Vascular LMAT and SurModics SRDX . Both the stocks carry a Zacks Rank #1 (Strong Buy).
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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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
