Veeva Systems Inc. (VEEV - Free Report) recently announced the availability of the MuleSoft Connector for its flagship Vault platform. Notably, MuleSoft, a Salesforce (CRM - Free Report) company, is working with Veeva to make it faster and easier for healthcare companies to connect Veeva Vault applications with other enterprise systems. The latest move expands offerings for Veeva and Salesforce’s joint customers.
Additionally, it fortifies Veeva’s foothold in the healthcare IT (“HCIT”) space.
For investors’ notice, the MuleSoft Connector lets customers easily integrate Veeva Vault platform to third-party vendors using connector operations in Mule Flow. The MuleSoft Connector for Veeva Vault is developed and supported by MuleSoft and technically certified by both MuleSoft and Veeva to drive joint customer success.
Into Veeva Vault
Veeva Vault is a cloud-based content management platform that offers a suite of applications to help healthcare companies increase business agility. It not only manages regulated documents but also tracks critical information ranging from product development to commercialization.
Notably, the Veeva Vault suite comprises a large spectrum of services like Veeva Vault Submissions, Vault RIM, Vault PromoMats, Veeva CRM, Veeva Network and VeevaOpenData.
It is encouraging to note that in recent times, Veeva’s Vault platform has seen positive developments.
For instance, Early Access Care Limited recently selected Veeva Vault CDMS (Veeva Vault Clinical Data Management System) to provide electronic data capture, coding and data cleaning for their upcoming expanded access study.
Earlier this month, Veeva announced that Vault Safety AI, a new AI application, offers the first integrated suite of cloud applications on a common platform to manage the end-to-end drug safety lifecycle.
Last month, Alcon, a global medical device company, chose Veeva Vault CDMS as its enterprise clinical data management system for electronic data capture.
Additionally, Celltrion, a South Korean biopharmaceutical company, implemented Veeva Vault eTMF (trial master file) to improve oversight across its trial master file processes and achieve greater compliance. (Read More: Veeva's Vault eTMF Implemented by South Korea's Celltrion)
A ReportLinker article suggests that the global HCIT market is projected to reach $390.7 billion by 2024 from its current worth of $187.6 billion, at a CAGR of 15.8%. The growing volume of patient data, surge in technological know-how and demand for quick and efficient healthcare processes fuel market growth.
Hence, the latest developments have been profitable ones for Veeva.
Reflective of these, shares of this Zacks Rank #3 (Hold) company have skyrocketed 58.5% compared with the industry’s 5.4% rise. The current level also compares favorably with the S&P 500 index’s 0.3% rally.
A few better-ranked stocks in the broader medical space are Intuitive Surgical (ISRG - Free Report) and Baxter International (BAX - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Intuitive Surgical’s long-term earnings growth rate is estimated at 13.3%.
Baxter’s long-term earnings growth rate is projected at 12.8%.
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