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Veeva Systems (VEEV) Extends Tie-Up With Lotus Clinical
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Veeva Systems Inc. (VEEV - Free Report) announced that Lotus Clinical Research expanded its partnership with Veeva Systems and broadened the adoption of the Veeva Vault Clinical Suite. This is likely to strengthen Lotus Clinical’s service delivery and efficiency.
The expanded partnership builds on Lotus Clinical’s existing use of Vault Clinical Suite to implement swifter and more connected studies.
The latest collaboration is expected to provide a significant boost to the Veeva Vault Clinical Suite under the Veeva Development Cloud solutions. Notably, the Veeva Development Cloud solutions belong to the broader Life Sciences segment and will likely improve the patient experience and trial efficiency.
Rationale Behind the Collaboration
Lotus Clinical, a fast-expanding Contract Research Organization (CRO), sought to develop an adaptable, connected and scalable infrastructure to keep pace with its growth. The CRO is currently leveraging Vault CDMS, its primary clinical data management system, to design studies entirely in-house. This has resulted in faster delivery of electronic data capture study builds, thereby significantly reducing study startup time.
Per Veeva Systems’ management, the latest expanded partnership regarding Vault Clinical Suite is expected to enable Lotus Clinical to provide value-added services to customers and streamline its work with sites for greater speed and agility.
Lotus Clinical’s management believes that collaboration will likely enable it to conduct a higher volume of clinical trials while improving coordination with sponsors and clinical trial sites.
Industry Prospects
Per a report by Marketsandresearch.biz, the global clinical data management system market was estimated to be $1574.8 million in 2021 and is projected to reach $4294.1 million by 2028, seeing a CAGR of 15.4%. Factors like the surge in clinical trials, a flourishing healthcare industry, and increasing research collaborations and partnerships are expected to drive the market.
Given the market potential, the latest collaboration is expected to strengthen Veeva Systems’ position in the global clinical data management space.
Recent Developments
This month, Veeva Systems announced that Minaris Regenerative Medicine selected Veeva Vault QualityDocs and Veeva Vault Training to advance its global quality operations. Minaris Regenerative Medicine is expected to use Veeva Systems’ unified quality applications to better collaborate with customers and partners, improve transparency across functions and ensure compliance.
The same month, Veeva Systems announced a collaboration with UCB, which is expected to focus on technology-driven solutions aimed at improving the patient experience and trial efficiency. Per the partnership terms, UCB will be adopting Veeva ePRO and Veeva eConsent.
Again, in May, Veeva Systems announced the availability of Veeva Link MedTech. It is a data application developed for MedTech companies to identify scientific experts, personalize engagement and map activities across the healthcare ecosystem.
Price Performance
Shares of the company have lost 2.5% in the past year against the industry’s 5.3% rise and the S&P 500's 2.9% growth.
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 Hologic, Inc. (HOLX - Free Report) , Merit Medical Systems, Inc. (MMSI - Free Report) and Boston Scientific Corporation (BSX - Free Report) .
Hologic, currently carrying a Zacks Rank #2 (Buy), has an estimated growth rate of 5.1% for fiscal 2024. HOLX’s earnings surpassed estimates in all the trailing four quarters, the average being 27.3%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Hologic has gained 5.4% against the industry’s 0.1% decline in the past year.
Merit Medical, with a Zacks Rank #2 at present, has an estimated long-term growth rate of 11%. MMSI’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 20.2%.
Merit Medical has gained 33.1% compared with the industry’s 4.4% rise over the past year.
Boston Scientific, presently carrying a Zacks Rank #2, has an estimated long-term growth rate of 11.5%. BSX’s earnings surpassed estimates in two of the trailing four quarters and missed in the other two, the average surprise being 1.9%.
Boston Scientific has gained 26.5% against the industry’s 32.7% decline over the past year.
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Veeva Systems (VEEV) Extends Tie-Up With Lotus Clinical
Veeva Systems Inc. (VEEV - Free Report) announced that Lotus Clinical Research expanded its partnership with Veeva Systems and broadened the adoption of the Veeva Vault Clinical Suite. This is likely to strengthen Lotus Clinical’s service delivery and efficiency.
The expanded partnership builds on Lotus Clinical’s existing use of Vault Clinical Suite to implement swifter and more connected studies.
The latest collaboration is expected to provide a significant boost to the Veeva Vault Clinical Suite under the Veeva Development Cloud solutions. Notably, the Veeva Development Cloud solutions belong to the broader Life Sciences segment and will likely improve the patient experience and trial efficiency.
Rationale Behind the Collaboration
Lotus Clinical, a fast-expanding Contract Research Organization (CRO), sought to develop an adaptable, connected and scalable infrastructure to keep pace with its growth. The CRO is currently leveraging Vault CDMS, its primary clinical data management system, to design studies entirely in-house. This has resulted in faster delivery of electronic data capture study builds, thereby significantly reducing study startup time.
Per Veeva Systems’ management, the latest expanded partnership regarding Vault Clinical Suite is expected to enable Lotus Clinical to provide value-added services to customers and streamline its work with sites for greater speed and agility.
Lotus Clinical’s management believes that collaboration will likely enable it to conduct a higher volume of clinical trials while improving coordination with sponsors and clinical trial sites.
Industry Prospects
Per a report by Marketsandresearch.biz, the global clinical data management system market was estimated to be $1574.8 million in 2021 and is projected to reach $4294.1 million by 2028, seeing a CAGR of 15.4%. Factors like the surge in clinical trials, a flourishing healthcare industry, and increasing research collaborations and partnerships are expected to drive the market.
Given the market potential, the latest collaboration is expected to strengthen Veeva Systems’ position in the global clinical data management space.
Recent Developments
This month, Veeva Systems announced that Minaris Regenerative Medicine selected Veeva Vault QualityDocs and Veeva Vault Training to advance its global quality operations. Minaris Regenerative Medicine is expected to use Veeva Systems’ unified quality applications to better collaborate with customers and partners, improve transparency across functions and ensure compliance.
The same month, Veeva Systems announced a collaboration with UCB, which is expected to focus on technology-driven solutions aimed at improving the patient experience and trial efficiency. Per the partnership terms, UCB will be adopting Veeva ePRO and Veeva eConsent.
Again, in May, Veeva Systems announced the availability of Veeva Link MedTech. It is a data application developed for MedTech companies to identify scientific experts, personalize engagement and map activities across the healthcare ecosystem.
Price Performance
Shares of the company have lost 2.5% in the past year against the industry’s 5.3% rise and the S&P 500's 2.9% growth.
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 Hologic, Inc. (HOLX - Free Report) , Merit Medical Systems, Inc. (MMSI - Free Report) and Boston Scientific Corporation (BSX - Free Report) .
Hologic, currently carrying a Zacks Rank #2 (Buy), has an estimated growth rate of 5.1% for fiscal 2024. HOLX’s earnings surpassed estimates in all the trailing four quarters, the average being 27.3%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Hologic has gained 5.4% against the industry’s 0.1% decline in the past year.
Merit Medical, with a Zacks Rank #2 at present, has an estimated long-term growth rate of 11%. MMSI’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 20.2%.
Merit Medical has gained 33.1% compared with the industry’s 4.4% rise over the past year.
Boston Scientific, presently carrying a Zacks Rank #2, has an estimated long-term growth rate of 11.5%. BSX’s earnings surpassed estimates in two of the trailing four quarters and missed in the other two, the average surprise being 1.9%.
Boston Scientific has gained 26.5% against the industry’s 32.7% decline over the past year.