Veeva Systems ( VEEV Quick Quote VEEV - Free Report) recently announced that the hematology/oncology therapy developer PharmaEssentia has adopted the former’s Veeva Data Cloud to support the launch of BESREMi — a latest therapy for polycythemia vera, a rare type of blood cancer. Veeva Data Cloud provides longitudinal U.S. patient data for both retail and specialty distribution channels for commercial use cases.
For investors’ note, the Veeva Data Cloud (powered by the Crossix Data Platform), brings together varied data assets. Such sets include retail and specialty pharmacy distribution channels as well as insurers and pharmacy benefit managers in the U.S. market.
The growing adoption of Veeva Systems’ applications is expected to provide a significant boost to the company’s Commercial Cloud data and analytics solutions business. The Commercial Cloud section is a component of the broader Veeva Commercial Cloud product line of the company’s Life Sciences segment.
Significance of the Adoption
Veeva Longitudinal Patient Data, provided by the Veeva Data Cloud, is expected to provide crucial insights to aid the company reach hard-to-find patient populations via healthcare provider (HCP) targeting and patient journey analytics. Such insights into the full patient journey will likely expedite the diagnosis process for the niche patient populations.
Veeva Data Cloud is expected to provide access to anonymized patient-level historical diagnoses, associated treatments and medical procedures across all therapeutic areas. This improved visibility will likely provide a deeper understanding of the full-patient experience and aid in finding and engaging the right prescribing HCPs.
Per Veeva Systems’ management, the adoption of the company’s product will aid PharmaEssentia to have a single data source for supporting multiple commercial analytics and operations workflows. This is expected to help the company to better educate the key HCPs on its latest important treatment option, BESREMi.
Industry 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 at 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, growing adoption of the company’s MedTech applications is expected to provide a significant boost to its global business.
Of late, Veeva Systems has witnessed a few notable developments across its business.
This month, the company acquired Veracity Logic, which is a provider of cloud software for randomization and trial supply management. The buyout is expected to aid Veeva Systems to deliver improved software and services, thereby helping companies simplify complex processes and accelerate clinical trials.
The same month, Veeva Systems reported robust third-quarter fiscal 2022 results, where it registered strong segmental performances. Further, Veeva Commercial Cloud won seven 7-figure deals in core Veeva CRM, Veeva Crossix analytics and Veeva Link during the reported quarter.
In November, the company showcased the Veeva CRM Engage Connect compliant messaging and content sharing capabilities at an event. This will provide the HCPs the access to the information and resources required from life sciences companies as per requirement.
Shares of Veeva Systems have lost 2.1% in the past year versus the
industry’s 23.3% fall and the S&P 500's 25.9% rise. Image Source: Zacks Investment Research Zacks Rank & Key Picks
Currently, Veeva Systems carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are
Laboratory Corporation of America Holdings ( LH Quick Quote LH - Free Report) or LabCorp, Thermo Fisher Scientific Inc. ( TMO Quick Quote TMO - Free Report) and AMN Healthcare Services ( AMN Quick Quote AMN - Free Report) .
LabCorp, presently flaunting a Zacks Rank #1 (Strong Buy), has an estimated long-term growth rate of 10.6%. The company’s earnings surpassed estimates in the trailing four quarters, the average surprise being 25.73%. You can see
the complete list of today’s Zacks #1 Rank stocks here.
LabCorp has gained 45.9% compared with the
industry’s 11.9% rise over the past year.
Thermo Fisher has an estimated long-term growth rate of 14%. The company’s earnings surpassed estimates in the trailing four quarters, the average surprise being 9.02%. It currently carries a Zacks Rank #2 (Buy).
Thermo Fisher has gained 38.1% compared with the
industry’s 6.1% rise over the past year.
AMN Healthcare has an estimated long-term growth rate of 16.2%. The company’s earnings surpassed estimates in the trailing four quarters, the average surprise being 19.51%. It currently sports a Zacks Rank of 1.
AMN Healthcare has gained 60.3% against the
industry’s 58.6% fall over the past year.