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Veeva Systems (VEEV) Offerings Adopted by SK Life Science
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Veeva Systems Inc. (VEEV - Free Report) recently announced that SK Life Science, Inc., a subsidiary of SK Biopharmaceuticals Co. Ltd., is using Veeva Vault Validation Management to streamline and accelerate its validation process. By adopting a validation solution with built-in best practices, SK Life Science is expected to execute digital validation while centralizing data and improving visibility.
It is worth mentioning that SK Life Science is a renowned pharmaceutical company focused on accelerating the development of next-generation treatments for central nervous system disorders and cancer care.
The latest adoption is likely to provide a significant boost to the Veeva Development Cloud solutions. Notably, the Veeva Development Cloud solutions belong to the broader Life Sciences segment.
Significance of the Adoption
SK Life Science adopted Vault Validation Management to further support its team with digital collaboration, standardized processes and workflows, and simpler test execution. The company is already using Veeva Vault QualityDocs and Veeva Vault QMS to optimize its validation programs. The company’s shift to a digital approach is expected to provide the transparency necessary to identify trends and proactively address potential issues, thereby reducing compliance risks.
Per Veeva Systems’ management, the industry is currently shifting from traditional paper-based validation. Hence, more companies are advancing validation with Veeva Vault Validation Management to streamline and standardize processes.
SK Life Science’s management believes that the Veeva Vault Validation Management will likely allow the company to simplify its validation process for significant cost and time-savings in test execution.
Industry Prospects
Per a report by MarketsandMarkets, the global inspection management software market is anticipated to reach $13.1 billion by 2026 from $7.6 billion in 2021 at a CAGR of 11.5%. Factors like the increasing demand for inspection management software solutions and technological advancements are expected to drive the market.
Given the market potential, the latest product adoption is expected to boost Veeva Systems’ business globally.
Notable Developments
Last month, Veeva Systems announced that Recipharm will be using Veeva Vault QMS, Veeva Vault QualityDocs and Veeva Vault Training to streamline its quality operations. Veeva quality applications will likely help Recipharm to standardize quality processes and manage GxP content across its organization.
The same month, Veeva Systems announced its third-quarter fiscal 2024 results, wherein it recorded a solid year-over-year uptick in the overall top and bottom lines and robust performances by both segments. The company continued to benefit from its flagship Vault platform. Veeva Systems also saw continued strength in its Commercial Solutions with new customer additions and strong win rates in Veeva CRM during the quarter. Veeva Systems also registered great traction in newer areas, including LIMS and Batch Release.
In October, Veeva Systems announced that LEO Pharma is using Veeva Vault Safety to optimize its safety operations.
Price Performance
Shares of the company have gained 27.1% in the past year compared with the industry’s 68.9% rise and the S&P 500's 20.4% 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 DaVita Inc. (DVA - Free Report) , Merit Medical Systems, Inc. (MMSI - Free Report) and Integer Holdings Corporation (ITGR - Free Report) .
DaVita, presently sporting a Zacks Rank #1 (Strong Buy), has an estimated long-term growth rate of 17.3%. DVA’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 36.6%. You can see the complete list of today’s Zacks #1 Rank stocks here.
DaVita’s shares have gained 38.1% compared with the industry’s 9% rise in the past year.
Merit Medical, carrying a Zacks Rank of 2 (Buy) at present, has an estimated long-term growth rate of 11.5%. MMSI’s earnings surpassed estimates in each of the trailing four quarters, with the average being 14.4%.
Merit Medical has gained 12.3% compared with the industry’s 9.5% rise in the past year.
Integer Holdings, flaunting a Zacks Rank of 1 at present, has an estimated long-term growth rate of 15.8%. ITGR’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 11.9%.
Integer Holdings’ shares have rallied 40.4% compared with the industry’s 0.3% rise in the past year.
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Veeva Systems (VEEV) Offerings Adopted by SK Life Science
Veeva Systems Inc. (VEEV - Free Report) recently announced that SK Life Science, Inc., a subsidiary of SK Biopharmaceuticals Co. Ltd., is using Veeva Vault Validation Management to streamline and accelerate its validation process. By adopting a validation solution with built-in best practices, SK Life Science is expected to execute digital validation while centralizing data and improving visibility.
It is worth mentioning that SK Life Science is a renowned pharmaceutical company focused on accelerating the development of next-generation treatments for central nervous system disorders and cancer care.
The latest adoption is likely to provide a significant boost to the Veeva Development Cloud solutions. Notably, the Veeva Development Cloud solutions belong to the broader Life Sciences segment.
Significance of the Adoption
SK Life Science adopted Vault Validation Management to further support its team with digital collaboration, standardized processes and workflows, and simpler test execution. The company is already using Veeva Vault QualityDocs and Veeva Vault QMS to optimize its validation programs. The company’s shift to a digital approach is expected to provide the transparency necessary to identify trends and proactively address potential issues, thereby reducing compliance risks.
Per Veeva Systems’ management, the industry is currently shifting from traditional paper-based validation. Hence, more companies are advancing validation with Veeva Vault Validation Management to streamline and standardize processes.
SK Life Science’s management believes that the Veeva Vault Validation Management will likely allow the company to simplify its validation process for significant cost and time-savings in test execution.
Industry Prospects
Per a report by MarketsandMarkets, the global inspection management software market is anticipated to reach $13.1 billion by 2026 from $7.6 billion in 2021 at a CAGR of 11.5%. Factors like the increasing demand for inspection management software solutions and technological advancements are expected to drive the market.
Given the market potential, the latest product adoption is expected to boost Veeva Systems’ business globally.
Notable Developments
Last month, Veeva Systems announced that Recipharm will be using Veeva Vault QMS, Veeva Vault QualityDocs and Veeva Vault Training to streamline its quality operations. Veeva quality applications will likely help Recipharm to standardize quality processes and manage GxP content across its organization.
The same month, Veeva Systems announced its third-quarter fiscal 2024 results, wherein it recorded a solid year-over-year uptick in the overall top and bottom lines and robust performances by both segments. The company continued to benefit from its flagship Vault platform. Veeva Systems also saw continued strength in its Commercial Solutions with new customer additions and strong win rates in Veeva CRM during the quarter. Veeva Systems also registered great traction in newer areas, including LIMS and Batch Release.
In October, Veeva Systems announced that LEO Pharma is using Veeva Vault Safety to optimize its safety operations.
Price Performance
Shares of the company have gained 27.1% in the past year compared with the industry’s 68.9% rise and the S&P 500's 20.4% 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 DaVita Inc. (DVA - Free Report) , Merit Medical Systems, Inc. (MMSI - Free Report) and Integer Holdings Corporation (ITGR - Free Report) .
DaVita, presently sporting a Zacks Rank #1 (Strong Buy), has an estimated long-term growth rate of 17.3%. DVA’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 36.6%. You can see the complete list of today’s Zacks #1 Rank stocks here.
DaVita’s shares have gained 38.1% compared with the industry’s 9% rise in the past year.
Merit Medical, carrying a Zacks Rank of 2 (Buy) at present, has an estimated long-term growth rate of 11.5%. MMSI’s earnings surpassed estimates in each of the trailing four quarters, with the average being 14.4%.
Merit Medical has gained 12.3% compared with the industry’s 9.5% rise in the past year.
Integer Holdings, flaunting a Zacks Rank of 1 at present, has an estimated long-term growth rate of 15.8%. ITGR’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 11.9%.
Integer Holdings’ shares have rallied 40.4% compared with the industry’s 0.3% rise in the past year.