Veeva Systems' (VEEV) Deal to Enhance Digital Clinical Trials
Veeva Systems' (VEEV) partnership with Leo Pharma to significantly boost the clinical trial process for patients, sites and sponsors.
Veeva Systems Inc. VEEV recently entered into a strategic technology deal with Leo Pharma to facilitate scalable digital trials that are paperless and focused on patients. It is worth mentioning that Leo Pharma — a global leader in medical dermatology — will leverage the success achieved with the Veeva Clinical Operations portfolio and complete its standardization on existing Veeva clinical technology. Apart from this, Leo Pharma will become an early adopter of future Veeva solutions and help in shaping the Veeva digital trials roadmap.
Interestingly, Leo Pharma will utilize the integrated suite of Veeva clinical products that include eTMF (electronic trial master file), Virtual Visits, Site Connect, CDMS (clinical data management suite) CTMS (clinical trial management system) and eSource.
This collaboration is likely to provide a boost to Veeva Systems’ solutions portfolio.
More on the Partnership
Per management, the extension of its well established partnership with Leo Pharma is likely to enable Veeva Systems in advancing the industry with a flexible digital trials platform that can substantially enhance the clinical trial process for patients, sites and sponsors.
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According to management at Leo Pharma, the partnership with Veeva systems lends support to Leo Pharma’s 2030 strategy, which will aid in providing innovative treatments to patients quicker and simultaneously support a more sustainable business.
Per a report by Grand View Research, the global virtual clinical trials market was worth $7.4 billion in 2020 and is projected to witness a CAGR of 5.7% from 2021 to 2028. Adoption of telehealth, growing healthcare digitization and increase in research and development activities are the primary factors driving this market’s growth. Hence, this collaboration comes at an opportune time for Veeva Systems.
In September, the company announced a new cloud application — Veeva Vault LIMS — with an aim of modernizing quality control lab operations. Vault LIMS, which is expected to be available in the second half of 2022, is part of the Vault Quality Suite that includes Vault QMS, Vault QualityDocs and Vault Training.
In the same month, Veeva Systems announced that the global medical products company, ConvaTec, has adopted Veeva Vault CDMS to provide electronic data capture, coding and data cleaning for their upcoming study on the detection of wound infections.
Also in September, the company announced that Emmes is standardizing on Veeva Development Cloud applications across functional areas to enable greater speed and compliance. The company will use applications in Vault Clinical, Vault Quality, and Vault Safety suites to establish a technology foundation for delivering clinical research and pharmacovigilance services to its global customers.
Shares of the Zacks Rank #3 (Hold) company have gained 5.6% on a year-to-date basis compared with the industry’s growth of 8.5%.
Stocks to Consider
Some better-ranked stocks from the broader medical space are Henry Schein, Inc. HSIC, Envista Holdings Corporation NVST and Patterson Companies, Inc. PDCO, each currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Henry Schein’s long-term earnings growth rate is estimated at 13.9%.
Envista Holdings’ long-term earnings growth rate is estimated at 27.4%.
Patterson Companies’ long-term earnings growth rate is projected at 9.6%.
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