Veeva Systems (NYSE:VEEV), Inc. VEEV recently announced that Simbec-Orion is adopting Veeva Vault clinical trial management system (CTMS) and Veeva Vault (electronic trial master file) (eTMF) to digitize end-to-end clinical trial data, workflows and documents. Notably, Simbec-Orion is a full-service contract research organization (CRO), specializing in the fields of clinical pharmacology, oncology and rare diseases.
This development is likely to expand the reach of Veeva’s portfolio of cloud-based offerings within the life sciences industry.
More on the Development
Veeva clinical applications will offer Simbec-Orion real-time insights into studies throughout phases to expedite trial execution.
Veeva Vault combines clinical processes on a singular platform to simplify information sharing with sponsors and ensure compliance with GCP requirements. For instance, monitoring reports generated in Vault CTMS can be automatically filed in Vault eTMF to enhance proficiency and speed of study delivery. It can also maintain high-quality data for sponsors.
For investors’ notice, Vault CTMS and Vault eTMF are part of Veeva Vault Clinical Operations Suite, enabling sponsors and CROs to seamlessly share information and documents across CTMS, eTMF, and study start-up for better collaboration and improved proficiency throughout the study lifecycle.
Recent Successes
This month, management announced that the GenesisCare Clinical CRO implemented Veeva Vault eTMF, Veeva Vault clinical trial CTMS and Veeva Vault Payments to drive efficiency in trial processes across the world. Veeva clinical applications will aid GenesisCare Clinical CRO to streamline its trials and expedite execution of the same as the latter manages an increasing number of studies.
In November 2020, management announced that its Veeva Vault PromoMats is being adopted by Bristol Myers (NYSE:BMY) Squibb, a leading biopharmaceutical company. This will help the latter deliver fast and compliant content across all digital channels to its customers. As an advanced application, Veeva Vault PromoMats clubs digital asset management with medical, legal and regulatory reviews to enhance global regeneration of promotional materials while being also compatible with content creation through distribution.
Market Prospects
Per a Grand View Research report, the global cloud computing market was valued at $266 billion in 2019 and is anticipated to see a CAGR of 14.9% between 2020 and 2027. Hence, this development is well-timed for Veeva Systems.
Price Performance
Over the past year, shares of this currently Zacks Rank #3 (Hold) company have soared 108.9% compared with the industry’s rally of 82%.
Key Picks
Some better-ranked stocks from the broader medical space are Align (NASDAQ:ALGN) Technology ALGN, Cardinal Health (NYSE:CAH) CAH and Thermo Fisher Scientific TMO, each presently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Align Technology has a projected long-term earnings growth rate of 18.3%.
Cardinal Health has a projected long-term earnings growth rate of 5.5%.
Thermo Fisher has an estimated long-term earnings growth rate of 18%.
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