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Veeva Systems' (VEEV) eConsent Solution Gets Adopted by Celerion
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Veeva Systems Inc. (VEEV - Free Report) recently announced the adoption of Veeva eConsent — a MyVeeva for Patients solution — by Celerion in order to complete electronic consent for the latter’s Phase I clinical trials. On the back of Veeva eConsent, Celerion is making a transition from manual and paper-based informed consent to a fully digital process. In fact, the company is utilizing Veeva eConsent throughout multiple studies with a consent of above 200 subjects.
Veeva eConsent streamlines the set-up, completion and review of consent, thereby minimizing administrative burden and ensures compliance with respect to sites and study teams.
Meanwhile, MyVeeva for Patients is a portfolio of solutions that simplifies trial participation for patients, and study execution for site and sponsors.
This announcement is likely to provide a boost to Veeva Systems’ solutions portfolio.
Rationale Behind the Adoption
The COVID-19 pandemic had an adverse impact on studies with respect to time with participants, which compelled Celerion to seek new and digital ways to continue with its studies while being fully compliant with regulatory requirements relating to getting proper consent.
In this context, Veeva eConsent offered Celerion a simple easy-to-use solution, equipped to keep up with the company’s fast-paced environment and boost participant comprehension of study procedures.
Image Source: Zacks Investment Research
It is important to note here that Veeva SiteVault is utilized by Celerion to digitally author, manage and distribute informed consent forms.
Per management at Veeva Systems, Celerion is making considerable efforts to aid the industry progress with regards to working together with digital solutions that allow patient-focused, paperless clinical trials.
By providing an intuitive and digital experience for patients and easy partnership with sites and Institutional Review Board (IRBs) for sponsors, Veeva eConsent enhances the informed consent procedure for all parties.
Industry Prospects
Per a report by Grand View Research, the global virtual clinical trials market was worth $7.4 billion in 2020 and is projected to witness a CAGR of 5.7% from 2021 to 2028. Adoption of telehealth, growing healthcare digitization and increase in research and development activities are the primary factors driving this market’s growth. Hence, this announcement comes at an opportune time for Veeva Systems.
Recent Developments
This month, Veeva Systems entered into a strategic technology deal with Leo Pharma to facilitate scalable digital trials that are paperless and focused on patients. It is worth mentioning that Leo Pharma — a global leader in medical dermatology — will leverage the success achieved with the Veeva Clinical Operations portfolio and complete its standardization on existing Veeva clinical technology. Apart from this, Leo Pharma will become an early adopter of future Veeva solutions and help in shaping the Veeva digital trials roadmap.
In September, the company announced a new cloud application — Veeva Vault LIMS — with an aim of modernizing quality control lab operations. Vault LIMS, which is expected to be available in the second half of 2022, is part of the Vault Quality Suite that includes Vault QMS, Vault QualityDocs and Vault Training.
In the same month, Veeva Systems announced that the global medical products company, ConvaTec, has adopted Veeva Vault CDMS to provide electronic data capture, coding and data cleaning for their upcoming study on the detection of wound infections.
Price Performance
Shares of the Zacks Rank #3 (Hold) company have gained 5.8% on a year-to-date basis against the industry’s decline of 12.5%.
Image: Shutterstock
Veeva Systems' (VEEV) eConsent Solution Gets Adopted by Celerion
Veeva Systems Inc. (VEEV - Free Report) recently announced the adoption of Veeva eConsent — a MyVeeva for Patients solution — by Celerion in order to complete electronic consent for the latter’s Phase I clinical trials. On the back of Veeva eConsent, Celerion is making a transition from manual and paper-based informed consent to a fully digital process. In fact, the company is utilizing Veeva eConsent throughout multiple studies with a consent of above 200 subjects.
Veeva eConsent streamlines the set-up, completion and review of consent, thereby minimizing administrative burden and ensures compliance with respect to sites and study teams.
Meanwhile, MyVeeva for Patients is a portfolio of solutions that simplifies trial participation for patients, and study execution for site and sponsors.
This announcement is likely to provide a boost to Veeva Systems’ solutions portfolio.
Rationale Behind the Adoption
The COVID-19 pandemic had an adverse impact on studies with respect to time with participants, which compelled Celerion to seek new and digital ways to continue with its studies while being fully compliant with regulatory requirements relating to getting proper consent.
In this context, Veeva eConsent offered Celerion a simple easy-to-use solution, equipped to keep up with the company’s fast-paced environment and boost participant comprehension of study procedures.
It is important to note here that Veeva SiteVault is utilized by Celerion to digitally author, manage and distribute informed consent forms.
Per management at Veeva Systems, Celerion is making considerable efforts to aid the industry progress with regards to working together with digital solutions that allow patient-focused, paperless clinical trials.
By providing an intuitive and digital experience for patients and easy partnership with sites and Institutional Review Board (IRBs) for sponsors, Veeva eConsent enhances the informed consent procedure for all parties.
Industry Prospects
Per a report by Grand View Research, the global virtual clinical trials market was worth $7.4 billion in 2020 and is projected to witness a CAGR of 5.7% from 2021 to 2028. Adoption of telehealth, growing healthcare digitization and increase in research and development activities are the primary factors driving this market’s growth. Hence, this announcement comes at an opportune time for Veeva Systems.
Recent Developments
This month, Veeva Systems entered into a strategic technology deal with Leo Pharma to facilitate scalable digital trials that are paperless and focused on patients. It is worth mentioning that Leo Pharma — a global leader in medical dermatology — will leverage the success achieved with the Veeva Clinical Operations portfolio and complete its standardization on existing Veeva clinical technology. Apart from this, Leo Pharma will become an early adopter of future Veeva solutions and help in shaping the Veeva digital trials roadmap.
In September, the company announced a new cloud application — Veeva Vault LIMS — with an aim of modernizing quality control lab operations. Vault LIMS, which is expected to be available in the second half of 2022, is part of the Vault Quality Suite that includes Vault QMS, Vault QualityDocs and Vault Training.
In the same month, Veeva Systems announced that the global medical products company, ConvaTec, has adopted Veeva Vault CDMS to provide electronic data capture, coding and data cleaning for their upcoming study on the detection of wound infections.
Price Performance
Shares of the Zacks Rank #3 (Hold) company have gained 5.8% on a year-to-date basis against the industry’s decline of 12.5%.
Stocks to Consider
Some better-ranked stocks from the broader medical space are West Pharmaceutical Services, Inc. (WST - Free Report) , McKesson Corporation (MCK - Free Report) and Patterson Companies, Inc. (PDCO - 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.
West Pharmaceutical’s long-term earnings growth rate is estimated at 27.3%.
McKesson’s long-term earnings growth rate is estimated at 7.5%.
Patterson Companies’ long-term earnings growth rate is projected at 9.6%.