Veeva Systems Boosts Product Portfolio With New Application

Veeva Systems Inc. (NYSE:VEEV) recently introduced Veeva Vault Payments, which is a new add-on application for Veeva Vault Clinical Trial Management System (CTMS). The new application is likely to provide a boost to Veeva Systems’ already robust product portfolio.

Notably, Veeva Vault CTMS manages the payment and reimbursement process to clinical research sites.

Additionally, the company also announced the availability of Veeva SiteVault Free – a free eRegulatory solution for clinical research sites. This solution is set to simplify regulatory compliance and accelerate study execution.

Veeva Vault Payments at a Glance

Vault Payments has been built to support complex clinical trials and streamline payments to sites while offering financial visibility to all study partners.

Interestingly, Vault Payments is part of the Veeva Vault Clinical Suite, which facilitates clinical operations and data management with modern applications for Electronic Data Capture, CTMS, Electronic Trial Master File (eTMF) and Study Startup. Veeva Systems’ suite of clinical applications has been built on the Veeva Vault Platform.

With this new application, sponsors and Contract Research Organizations (CROs) can expedite payments to clinical research sites and automatically create, track and report payments in Vault CTMS for greater accuracy and transparency.

Notably, Vault Payments is now available. In fact, it is being implemented by three customers already.

Recent Developments

On Dec 4, 2019, in a bid to offer the industry greater flexibility and a choice to leverage their customer data without restrictions, Veeva Systems introduced Veeva OpenData Explorer. The company also unveiled open API making it easier to integrate customer data with third-party applications and services.

On Nov 21, Veeva announced that Bionorica SE, a fast-growing German manufacturer of herbal medicines, has selected multichannel Veeva CRM to streamline business processes and improve customer interactions globally.

Market Prospects

Per a report by MarketsandMarkets, the global healthcare IT (HCIT) is anticipated to reach $390.7 billion by 2024 from $187.6 billion in 2019, witnessing a CAGR of 15.8% during the forecast period.

The rise in volume of patient data, increase in technological know-how, and demand for quick and efficient healthcare processes and systems are driving the market.

Zacks Rank and Price Performance

Currently, Veeva Systems carries a Zacks Rank #2 (Buy). Shares of the company gained 44.6% in a year’s time, outperforming the industry’s growth of 12.8%. The stock also outpaced the S&P index’s rally of 23.8%.

Other Stocks to Consider

Investors interested in some other top-ranked stocks from the broader medical space can consider Patterson Companies, Inc. (NASDAQ:PDCO) , West Pharmaceutical Services, Inc. (NYSE:WST) and DENTSPLY SIRONA, Inc. (NASDAQ:XRAY) , each currently carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Patterson Companies has an expected long-term earnings growth rate of 6.4%.

West Pharmaceutical has an estimated long-term earnings growth rate of 14%.

DENTSPLY SIRONA has a projected long-term earnings growth rate of 11.6%.

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