Veeva Develops 2 Applications on Veeva Clinical Network (Revised)

Veeva Systems (NYSE:VEEV) Inc. VEEV announced the development of the company’s Veeva Clinical Network solution-based first two applications viz. Veeva Site Connect and Veeva eConsent. Notably, Veeva Clinical Network is claimed by the company to be the industry’s only solution that connects sponsors, clinical research sites, and patients for paperless, patient-centric trials.

Veeva Site Connect links sponsors and clinical research sites to facilitate paperless information exchange throughout a trial. With Veeva eConsent, clinical researchers can digitize the consent process with patients and review boards along with offering transparency to sponsors.

This should boost Veeva’s portfolio of cloud-based offerings for the life sciences industry.

More on the Applications

By uniting the growing community of research sites using Veeva SiteVault with the sponsors utilizing the Veeva Vault Clinical Suite, the company aims to expedite the shift to paperless and patient-centric clinical trials. Veeva Clinical Network will enable swifter studies and make it convenient for patients to participate in trials.

Veeva Site Connect converts information sharing between sites and sponsors from manual, paper-based transfers to an automated, digital exchange. By linking site operations on Veeva SiteVault to sponsor operations on Vault Clinical, key clinical trial processes including startup document exchange, safety letter distribution, site payment letters and study closeout transfers, become more proficient. Veeva Site Connect enables the automatic linking of content between Veeva Vault eTMF and Veeva SiteVault, which results in real-time document management, more proficient collaboration and better execution.

For investors’ notice, Veeva Site Connect will be available starting Oct 7, with the early adopters including a top 20 pharmaceutical company, a top 10 medical device company and a leading research hospital.

Meanwhile, Veeva eConsent is a free solution developed for sites and patients that convert the current paper-based consent process into a digital creation, approval, and exchange process. Sites can use Veeva eConsent to customize sponsor-provided consents as per the requirements of their ethics boards. Veeva eConsent lessens the burden of complex and time-consuming paperwork to enhance compliance and patient experience.

For investors’ notice, Veeva eConsent is scheduled for launch in early 2021.

Market Prospects

Per a report by MarketsandMarkets, the global cloud computing market size is expected to rise from $371.4 billion in 2020 to $832.1 billion by 2025, at a CAGR of 17.5%. Hence, the development of the applications is well-timed.

Recent Developments

Lately, Veeva has been making major strides in strengthening its portfolio of cloud-based offerings. In September, Veeva announced that Biotest deployed Veeva Vault eTMF to attain greater visibility across its European trials. Vault eTMF should help Biotest manage all study documents and activities in real-time as the TMF is generated.

In the same month, Veeva and Bioforum announced a tie-up with RedHill Biopharma (NASDAQ:RDHL) Ltd ("RedHill") on a global Phase 2/3 clinical study evaluating opaganib, which is a first-in-class, orally-administered, sphingosine kinase-2 selective inhibitor. The study involves patients who have been hospitalized with severe COVID-19 pneumonia, requiring treatment with supplemental oxygen. To facilitate the study, RedHill has adopted Veeva Vault CDMS, which is a modern cloud platform equipped in electronic data capture, coding, data cleaning and reporting.

Price Performance

Shares of this Zacks Rank #3 (Hold) company have gained 91.9% compared with the industry’s growth of 85.1% over the past year.

Key Picks

A few better-ranked stocks from the broader medical space include Boston Scientific BSX, DaVita (NYSE:DVA) DVA and Thermo Fisher Scientific TMO.

Boston Scientific’s long-term earnings growth rate is estimated at 10%. The company presently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

DaVita’ long-term earnings growth rate is estimated at 11.9%. The company presently carries a Zacks Rank #1.

Thermo Fisher’s long-term earnings growth rate is estimated at 15.5%. It currently carries a Zacks Rank #2.

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(We are reissuing this article to correct a mistake. The original article, issued earlier today, should no longer be relied upon.)