Veeva Systems (VEEV) Digital Tools Boost Patient Engagement
Zacks Investment Research | Nov 22, 2021 04:07AM ET
Veeva Systems (NYSE:VEEV) Inc. VEEV recently unveiled two new digital tools at the European Veeva Commercial and Medical Summit Connect event. The company unveiled enhancements in digital tools that add new ways for seamless communication among healthcare professionals (HCPs) and field teams.
The company showcased Veeva CRM Engage Connect compliant messaging and content sharing capabilities along with the newest enhancements to Veeva CRM.
The recent development is likely to enhance Veeva Systems cloud-based software solutions.
h3 More on Engage Connect/h3Engage Connect is part of the Veeva Engage platform that allows anytime, any channel engagement through video, phone calls, contactless in-person interactions or chat. The HCPs will be able to connect and meet with participating life science commercial teams using their existing Veeva Engage app, available in the Apple (NASDAQ:AAPL) app store and Google (NASDAQ:GOOGL) Play.
Veeva Engage Connect enables easy chat-like messaging and content sharing, as pharma representatives and medical science liaisons (MSLs) can securely chat with HCP customers anytime, anywhere to provide timely information on potential treatments.
Engage Connect will be available from the next month as part of the Veeva Engage app, which is currently used by over a million HCPs for digital meetings.
h3 More on Veeva CRM/h3Veeva CRM offers a purpose-built library of applications customized for specific roles. It has been fully optimized to enhance productivity with the right experience on the right device.
Veeva CRM is used by 42 of the top 50 pharmaceutical companies and growing biopharma innovators to provide the best customer engagement solutions. Medical teams can now find, assemble, present and share scientific content as easily from their home office as in the field.
h3 Significance of the New Digital Tools/h3
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With Veeva Engage Connect, the field teams can quickly connect with HCPs in a more personal and easy way through compliant texts and scheduling meetings. The teams can also share patient resources. Veeva Engage Connect is helping cement relationships between HCPs and life sciences companies by offering convenient two-way engagement across several companies and brands in a single app.
Veeva CRM offers the tracking, visibility and insights life sciences companies with the need to customize virtual and in-person interactions with HCPs across channels.
h3 Industry Prospects/h3Per a report by Grand View Research , the global customer relationship management market size was valued at $43.7 billion in 2020 and is expected to register a CAGR of 10.6%.
Rising demand for automated engagement with customers, focus on improving the scope of digital operations and bettering customer experience and services are driving the market.
h3 Recent Developments/h3In November 2021, Veeva Systems announced that Veeva Vault Quality Suite was adopted by the Center for Breakthrough Medicines (“CBM”) to advance the development and manufacturing services of sponsors. By adopting a unified quality solution, CBM can boost manufacturing efficiency and increase partnerships across departments, suppliers and customers.
In October 2021, Veeva Systems announced that the number of emerging biotechs using Veeva Vault CDMS to run faster, more effective oncology trials rose to more than double in the last year. These companies are adopting Vault CDMS to benefit from an easy-to-use system that doesn’t require custom functions.
h3 Price Performance/h3Shares of the company have gained 12.1% in a year against the industry ’s fall of 5.7%.
h3 Zacks Rank and Other Key Picks/h3Veeva Systems currently carries a Zacks Rank #2 (Buy).
A few other top-ranked stocks from the broader medical space are Chemed (NYSE:CHE) Corp. MEDP .
Chemed, carrying a Zacks Rank #2, has a long-term earnings growth rate of 7.7%. The company surpassed earnings estimates in three of the trailing four quarters and missed in one. It has a trailing four-quarter earnings surprise of 5.6%, on average.
Chemed has outperformed the industry in the past year. CHE has gained 3.7% against a 35.6% decline of the industry.
LabCorp, carrying a Zacks Rank #2, reported third-quarter 2021 adjusted earnings per share (EPS) of $6.82. The bottom line surpassed the Zacks Consensus Estimate by 42.9%. Revenues of $4.06 billion outpaced the Zacks Consensus Estimate by 13.4%. You can see
LabCorp has an estimated long-term growth rate of 10.6%. LH has a trailing four-quarters earnings surprise of 25.7%, on average.
Medpace reported third-quarter 2021 adjusted EPS of $1.29, surpassing the Zacks Consensus Estimate by 20.6%. Revenues of $295.57 million beat the Zacks Consensus Estimate by 1.2%.
Medpace has an estimated long-term growth rate of 16.4%. MEDP has a trailing four-quarter earnings surprise of 11.9%, on average. It currently sports a Zacks Rank #1.
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