Veeva's (VEEV) AI Partner Program to Develop GenAI Solutions

Veeva Systems VEEV recently announced that the Veeva AI Partner Program is likely to provide partners with the cutting-edge tools and assistance required to smoothly combine Generative AI (GenAI) solutions with Veeva Vault applications.

For GenAI applications to provide value, they require rapid, secure, and accurate data access. This is made feasible by the Vault Platform and Vault Direct Data API, which provide data access significantly quicker than conventional response APIs.

Price Performance

Over the past six months, VEEV’s shares have gained 5.5% compared with the industry’s rise of 43.6%. The S&P 500 increased 23% in the same time frame.

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More on Veeva Vault

Specifically designed for the life sciences, Veeva Vault is a real cloud enterprise content management platform and a set of applications.

Traditionally, companies have needed to set up content applications and other apps to handle related data. The only content management system that has a unique ability to manage both data and content is Veeva Vault. The system, site, and national silos can now be removed, allowing businesses to streamline end-to-end procedures in the areas of commercial, medical, clinical, regulatory, quality, and safety.

More on the Veeva AI Partner Program

The Veeva AI Partner Program is likely to provide access to critical technology to help partners develop GenAI solutions that integrate seamlessly with Veeva applications.

The Veeva AI Partner Program includes Vault Direct Data API training and support to build expertise in leveraging Veeva Vault Platform's unique, high-speed API. This new form of API is consistent across huge datasets, transactionally sound, and speeds up application access to Vault data by up to 100 times compared to existing APIs.

The Veeva AI Partner Program also includes Vault Application Sandbox to develop, test, and support partner applications integrated with Veeva Vault applications.

As part of its targeted plan to enable AI for the life sciences sector, Veeva created the AI Partner Program. Customers and partners may create AI apps that seamlessly interface with Vault applications with more ease thanks to the Vault Direct Data API and AI Partner Program.

Industry Prospects

Per a report by MarketsandMarkets, the global AI in healthcare market size is valued at $20.9 billion in 2024 and is expected to reach $148.4 billion by 2029 at a growth rate of 48.1%.

Growth of AI in the healthcare market is driven by the generation of large and complex healthcare datasets, the pressing need to reduce healthcare costs, improving computing power and declining hardware costs, and the rising number of partnerships among different domains in the healthcare sector.

Given the market potential, the Veeva AI Partner Program is likely to help the company boost its business.

Notable Developments

Veeva recently announced that Veeva Vault EDC has powered more than 1,000 study starts. Per management, this reflects the increased adoption of Vault EDC, which is enabling companies to establish a foundation for modern electronic data capture. This includes eight biopharma and two contract research organizations standardizing on Vault EDC.

In February, the company announced that Boehringer Ingelheim, a global animal health leader, has selected Veeva Vault Clinical and Veeva Vault RIM applications as its technology foundation for the clinical and regulatory management of its health business unit. Boehringer can expedite clinical execution for the development of new medications that improve animals' quality of life by implementing unified apps on a single platform.

Veeva Systems Inc. Price

Veeva Systems Inc. Price

Veeva Systems Inc. price | Veeva Systems Inc. Quote

Zacks Rank & Stocks to Consider

VEEV carries a Zacks Rank #4 (Sell) at present.

Some better-ranked stocks in the broader medical space are IDEXX Laboratories, Inc. IDXXBecton, Dickinson and Company BDX, popularly known as BD, and Ecolab Inc. ECL.

IDEXX, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 11.6%. IDXX’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 8.3%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

IDEXX’s shares have gained 2.9% compared with the industry’s 3.9% rise in the past year.

BD, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 9.4%. BDX’s earnings surpassed estimates in three of the trailing four quarters and broke even once, with the average being 4.6%.

BD has lost 11.1% against the industry’s 4.9% rise in the past year.

Ecolab, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 13.3%. ECL’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 1.7%.

Ecolab’s shares have rallied 33.8% against the industry’s 9.3% 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.

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