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Veeva Systems Boosts Product Portfolio With New Application

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Veeva Systems, Inc. (VEEV - Free Report) recently introduced MyVeeva — a new application for clinical research sites. It is a multichannel patient portal that will enable clinical research sites conduct virtual patient visits. With the introduction of MyVeeva, the company, which is a leader in cloud-based software for the global life sciences industry, is likely to boost its Veeva Vault product and strengthen product portfolio.

Notably, MyVeeva is part of the Veeva Clinical Network, which is a set of solutions that brings together sponsors, sites and patients to expedite clinical research.

Notably, MyVeeva is free for clinical research sites and can seamlessly integrate with Veeva SiteVault.

Benefits of Introduction of MyVeeva

MyVeeva allows patients, doctors and clinical research coordinators to collaborate remotely with the help of advanced audio and video capabilities, thereby lowering the need of in-person visits.

With MyVeeva, clinical researcher will have the ability to collect and record patient data electronically, hence making it easier for patients to report on treatment outcomes.

Given the capabilities of MyVeeva, which comprise virtual visits, patient adherence, ePRO (electronic patient-reported outcome), eConsent, eSource and easy to use patient portal, this new innovation will enable clinical research sites to deliver a patient-centric and paperless clinical trial experience for patients and sponsors.

In fact, the COVID-19 pandemic has only reiterated the importance of virtual clinical trials for a safe and convenient patient experience. Therefore, MyVeeva is an important development during this period.

Other Developments

In May, Veeva Systems introduced Veeva Vault Site Connect, which is a new application that connects sponsors and clinical research sites during trials. Sponsors and sites can now streamline information sharing for critical trial processes, which include study document exchange and subject status for faster study execution.

In April, the company announced new remote monitoring capabilities in Veeva SiteVault Free for source document review and verification in clinical trials. Veeva SiteVault Free provides research sites a free eRegulatory application to effectively handle study documentation and with remote monitoring, study monitors can access, review and collaborate on content online.

Market Prospects

Per a report by Allied Market Research, the global healthcare IT (HCIT) market estimates that the market for HCIT solutions and services was $125 billion in 2015 and is projected to reach $297 billion by 2022, witnessing a CAGR of 13.2%.

Growing demand for quality healthcare services and solutions together with patient safety & care, proactive supportive government initiatives, and increase in acceptance of mHealth & telehealth practices have been driving this market. Further, growing adoption of smartphones and patient-doctor convenience are bolstering healthcare IT market growth.

Price Performance

Shares of this Zacks Rank #3 (Hold) stock gained 37% in a year’s time, compared with the industry’s growth of 11.7%.

Key Picks

Some better-ranked stocks from the broader medical space include Aphria Inc. (APHA - Free Report) , HMS Holdings Corp. (HMSY - Free Report) and West Pharmaceutical Services, Inc. (WST - 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.

Aphria has an estimated long-term earnings growth rate of 24.6%.

HMS Holdings has an estimated long-term earnings growth rate of 11%.

West Pharmaceutical has a projected long-term earnings growth rate of 9.2%.

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