In a bid to replace the simple custom-made data warehouses with a unique industry-specific data model, Veeva Systems (NYSE:VEEV) recently introduced Veeva Nitro — a new model of commercial data warehouse for Life Sciences.
Veeva Nitro is built on Amazon (NASDAQ:AMZN) Redshift for fast-query performance on the largest data sets.
The new model unifies important data sources like prescription, sales and formulary to establish a solid commercial data foundation, boosting artificial intelligence (AI) and analytics in the MedTech industry.
Per management, Veeva Nitro caters to organizations’ unique regional requirements, including specialized data sources and business processes. The data model is based on deep industry-based practicesand leverages on the company’s flagship Veeva CRM Suite and Veeva Vault Promo Mats.
Veeva Systems Inc. Price
Further, Veeva Nitro provides business intelligence (BI) and AI tools to deliver tailored data visualization through Veeva CRM MyInsights.
Veeva System’s commercial excellence through integrated master data, compliant commercial content, multichannel CRM and collaboration between sponsors, CROs as well as sites provides it a competitive edge in the MedTech space.
In conclusion, Veeva Systems has been undertaking consistent efforts to support industry collaborations in life sciences. This is done to launch new products and market them easily. We are encouraged by Veeva Systems’ consistent efforts in product innovation and launches through R&D. Growing global demand for cloud-based vault applications also boost opportunities. Veeva Systems’ product releases and its industry-focused approach bode well.
Veeva Systems’ shares have outperformed its industry in a year’s time. The stock has gained 33.7% compared with the industry’s rally of 27.4%. The company has a Zacks rank #3 (Hold).
Stocks to Consider
A few better-ranked stocks in the broader medical space are ABIOMED, Inc. (ABMD), Genomic Health, Inc. (GHDX) and Varian Medical Systems (NYSE:VAR), Inc. (VAR).
Abiomed has a long-term growth rate of 27%. The stock sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Genomic Health has an expected growth rate of 187.5%. The stock flaunts a Zacks Rank #1.
Varian Medical has a projected long-term growth rate of 8%. The stock carries a Zacks Rank #2 (Buy).
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Veeva Systems Inc. (VEEV): Free Stock Analysis Report
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ABIOMED, Inc. (ABMD): Free Stock Analysis Report
Genomic Health, Inc. (GHDX): Free Stock Analysis Report
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