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Veeva Systems' (VEEV) Cloud Applications Get Adopted by Emmes

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Veeva Systems Inc. (VEEV - Free Report) recently announced that Emmes is standardizing on Veeva Development Cloud applications throughout functional areas to drive better speed and compliance. Emmes is a global full service clinical research organization ("CRO") committed toward aiding private sector, government, non-profit and academic partners fulfill their biopharmaceutical development and human health goals.

Emmes will utilize applications in Vault Clinical, Vault Quality, and Vault Safety suites to build a technology foundation to offer clinical research and pharmacovigilance services to its customers worldwide.

This announcement is likely to provide a boost to Veeva Systems' Veeva Development Cloud products business. The Veeva Development Cloud product suite is a component of the broader unified suite of cloud-based enterprise content and data management applications — Veeva Vault.

Significance of the Adoption

This partnership will enable Emmes to simplify its work process, enhance visibility and oversight, and run quicker, more cost-effective research programs.

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Per management at Veeva Systems, both the companies share the common vision of connected drug development. In fact, both the companies will aid in advancing the industry in terms of better partnership and speed throughout the product lifecycle.

It is worth mentioning that Veeva Development Cloud eliminates system and process silos, thereby helping companies to focus on innovation and advance product delivery to patients.

Market Prospects

Per a report by Emergen Research, the global healthcare cloud computing market was estimated to be $25.90 billion in 2019 and is anticipated to reach $90.46 billion by 2027 witnessing a CAGR of 17.9%. Factors like rising demand for cloud technology in healthcare facilities, increasing demand for cost-effective healthcare services and a shift toward value-based payments are expected to drive the market. Given the market potential, this announcement comes at an opportune time.

Recent Developments

This month, the company announced that the Veeva Vault Clinical Operations Suite has been selected by B. Braun SE (B. Braun) with the aim of updating study management and payments to partner sites. Veeva MedTech’s industry expertise and clinical applications are likely to provide B. Braun the technology foundation to simplify studies throughout Europe, the Americas and Asia.

In August, Veeva Systems acquired a renowned provider of accredited GxP training for life sciences, Learnaboutgmp. The combination of Veeva Vault Training with Learnaboutgmp's robust content will provide companies with a more efficient end-to-end training solution to achieve complete GxP compliance.

Price Performance

Shares of this Zacks Rank #3 (Hold) company have gained 9.2% on a year-to-date basis against the industry’s decline of 3.9%.

Stocks to Consider

Some better-ranked stocks from the broader medical space are Henry Schein, Inc. (HSIC - Free Report) , Envista Holdings Corporation (NVST - Free Report) and Merit Medical Systems, Inc. (MMSI - Free Report) , 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%.

Merit Medical’s long-term earnings growth rate is projected at 13.6%.