Veeva Systems, Inc. VEEV recently announced that Switzerland-based Idorsia Pharmaceuticals has chosen Veeva Commercial Could to enable its digital field force in the United States, Japan and countries across Europe. Veeva Commercial Cloud will help Idorsia to build the foundation for digital excellence through multichannel engagement, data, content, and analytics.
Notably, Idorsia’s specialty lies in discovery and development of small molecules, thereby helping in transforming the horizon of therapeutic options. Interestingly, Idorsia is at the forefront of innovative therapies and requires superior cloud technology to enhance its global commercial strategy.
This deal will provide a boost to Veeva Systems’ Commercial Cloud offering.
Veeva Commercial Cloud at a Glance
Veeva Commercial Cloud can bring together multichannel engagement, commercial content, customer data, and artificial intelligence to facilitate far more intelligent and compliant interactions with all customers throughout all channels.
The life sciences industry is gradually realizing the benefits of cloud-based applications especially owing to the increase in regulations and budgetary constraints. The cost-effectiveness of cloud-based applications over in-premise applications is attracting life science companies. Hence, Veeva Systems can leverage this need and strengthen its commitment toward boosting its cloud-based portfolio.
More on the News
Veeva Systems helped Idorsia to scale up quicky and lend support to its growth plans. In fact, choosing of Veeva Commercial Cloud expands on Idorsia’s success with Veeva Development Cloud that helped in accelerating end-to-end product development.
Through this collaboration with Idorsia, which is a visionary company leading the way on digital transformation, Veeva Systems will provide support to the former’s digital strategy. This will lead to introduction of new medicines to market, thereby resulting in better patient outcomes.
This month, Veeva Systems announced that AstraZeneca has selected Veeva Vault QMS and Veeva Vault QualityDocs to combine quality management and content on a single cloud platform. This development is expected to enhance Veeva Systems’ commitment toward strengthening its cloud-based software. Moreover, this will encourage the company to continue making efforts to support industry collaborations in life sciences.
In July, the company announced that Syneos Health — one of the industry’s largest providers of outsourced field teams — has started providing Veeva Commercial Cloud solutions to its biopharmaceutical customers. This, in turn, will enable Syneos Health to boost performance, lower risk and accelerate commercial launches for customers.
Per a report by Grand View Research, the global cloud computing market size was valued at $266 billion in 2019 and is anticipated to see a CAGR of 14.9% between the period of 2020 and 2027. Growing digital transformation among industries, increase in penetration of internet and mobile devices globally, and consumption of big data are the primary factors driving this market’s growth. Hence, this development is well-timed for Veeva Systems.
Shares of the Zacks Rank #3 (Hold) company have gained 77.9% compared with the industry’s growth of 56.8% in a year’s time.
Stocks to Consider
Some better-ranked stocks from the broader medical space include West Pharmaceutical Services, Inc. WST, Thermo Fisher Scientific Inc. TMO and PerkinElmer, Inc. PKI. While PerkinElmer sports a Zacks Rank of 1 (Strong Buy), both West Pharmaceuticals and Thermo Fisher carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
PerkinElmer has a projected long-term earnings growth rate of 17.4%.
Thermo Fisher has an estimated long-term earnings growth rate of 15%.
West Pharmaceutical has a projected long-term earnings growth rate of 17.4%.
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PerkinElmer, Inc. (PKI): Free Stock Analysis Report
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Veeva Systems Inc. (VEEV): Free Stock Analysis Report
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