Veeva Systems [NYSE:VEEV]: Breathing Cloud into Pharma

Pharma Tech Outlook: Pharma Tech Magazine

Veeva Systems [NYSE:VEEV]: Breathing Cloud into Pharma

CIO VendorPeter Gassner, Founder & CEO Cloud is not new for the pharma industry. As a part of technology integration, pharma companies have been adopting cloud computing to streamline their workflow, optimize complex processes, and reduce cost. It improves the quality of data to support sales and provide practical ways for clinical trial and research and development.

As a provider of cloud-based software solutions for the global life sciences and pharma industry, Veeva Systems [NYSE:VEEV] offers solutions for a range of requirements within life sciences organizations, including multichannel customer relationship management, regulated content and information management, master data management and customer data. For more than a decade, Veeva Systems has been dedicated to innovating and setting technology standards, making the life and work of pharmaceutical professionals easier. Veeva designed their first product for an odd 450,000 sales representatives working in the pharmaceuticals industry to record their daily activity of keeping track of the doctors they meet and give out samples. Veeva’s business really began to take off after the iPad was introduced in 2010, as their pharma-specific cloud CRM software is a right fit for the iPad.

Built for regulated content management and information management solutions, the company offers Veeva Vault that enables the management of content-centric processes. Yet another product, Veeva Network offers master data management solutions for the management of customer and product master data. The company also offers Veeva Commercial Cloud bringing together customer data, compliant content, and multichannel engagement all in one commercial solution built from the ground up for life sciences. “Commercial cloud is an exciting area where Veeva is helping to move the industry forward as companies adapt to new commercial models and unified systems for greater agility and efficiency,” says Peter Gassner, Founder and CEO, Veeva. “The foundation of Veeva Commercial Cloud is core CRM for sales automation where we continue to extend our position as the industry standard.”

Multichannel Innovative CRM

Veeva’s CRM family of applications for multichannel customer relationship management enables coordinated and personalized customer engagement through multiple touch points. Through it, the company has pioneered in assisting pharmaceutical and biotechnology firms to market and sell to physicians, other healthcare professionals and healthcare organizations across multiple touch points, including in-person, e-mail, and online. Veeva CRM provides specialized functionalities, such as handling prescription drug samples with electronic signature capture, management of complex affiliations between physicians and their workplaces, and capturing of medical inquiries from physicians. The company has designed and built a specific application for each mobile device platform it supports, including Apple iPads, Windows 8 and 10 mobile devices, Windows-based laptops and tablet personal computers (PC).
Veeva CRM and Veeva Medical CRM platforms enable physician-facing employees, such as pharmaceutical sales representatives, key account managers, and scientific liaisons to manage, track, and optimize interactions with healthcare professionals utilizing a single, integrated solution. Its Veeva CLM provides closed-loop marketing capabilities for in-person interactions with physicians. The platform allows customers to replace paper-based materials with interactive electronic marketing presentations, while controlling the storage, distribution, presentation, and tracking of promotional materials.

The foundations of Veeva Commercial Cloud is core CRM for sales automation where we continue to extend our position as the industry standard

The CRM Mobile application that runs on the Apple iPad and the Windows 8 and 10 platforms, has combined the key functionalities of Veeva CRM and Veeva CLM to enable users in taking full advantage of productivity on the field. The mobile application was designed to offer the functionality needed for pharmaceutical field sales representatives and other users to finish tasks in locations, such as hospitals and physicians’ offices, with or without an Internet connection.

Field representatives from Bayer HealthCare in North America and Dyax Corp. have joined the roster of global life sciences teams now sending personalized, compliant emails directly from their CRM systems to healthcare professionals (HCPs) through Veeva Systems’ Approved Email solution. The solution enables representatives to send tailored content to HCPs, for adding value to face-to-face visits reach more low-access and no-see HCPs, and provide responsive service. Unlike standalone email applications, Approved Email is part of a comprehensive multichannel CRM solution that includes Veeva CLM and Veeva CRM Engage for digital detailing to help life sciences companies deliver relevant content across channels and gain insight into customer behavior. Early reports show field teams achieving open rates of up to 40 percent with Approved Email. “Approved Email has opened up a critical channel for us to quickly and compliantly communicate information customers want, immediately providing them more value,” added Andrew Sheely, Director of Information Technology at Dyax Corp.

Creating Value through Vault

Veeva Vault, the cloud-based content and information management solution, is used by its customers across commercial functions, including medical, sales and marketing, and research and development functions, including clinical, regulatory and quality. Veeva Vault consists of over nine business applications and its Veeva Vault Platform. Each application includes a data model, deep functionality, and pre-defined workflows required to support specific industry processes. Veeva Vault can be deployed as an integrated solution across multiple applications, enabling its customers to manage various important documents and related data in a single, global system.

The Veeva Vault Platform was built with the content and information management requirements of the life sciences industry in mind, including audit trail capabilities that record actions and updates enabling customers to manage their regulated content and data in a compliant manner.
In addition, the Veeva Vault Platform offers functionalities, such as searching, content viewing, and annotation, workflow and approvals, electronic signatures, reporting across various Veeva Vault applications. Its open application programming interfaces also allows for integration with other systems. The Veeva Vault Platform also includes a configuration toolset that allows customers to create their own Veeva Vault applications.

"Veeva is helping to move the industry forward as companies adapt to new commercial models and unified systems for greater agility and efficiency"

Veeva Vault applications are primarily used by research and development departments of life sciences companies and the portfolio includes Veeva Vault eTMF, Veeva Vault Study Startup, Veeva Vault Investigator Portal, Veeva Vault QualityDocs, and Veeva Vault Submissions.

In an example, a research and development organization within a top-tier global pharmaceutical corporation chose Veeva Vault as its repository of choice for eTMF documents. Legacy documents needed to be migrated from a customized Documentum application containing three million documents. The data had to be migrated using a phased approach, which is often the case with eTMF content, where waves are defined according to groups of studies. Given the large volume of documents to be migrated, an aggressive timeline loomed: the client wanted to complete an initial wave of 1.5 million documents in six to eight weeks. Data migration expert, Valiance collaborated with Veeva to address the performance challenges. The project to broaden the scope of locked content was efficiently managed between Valiance and the client. The results included flawless migration with tuned API for better performance.

Towards the Future

Healthcare and life sciences industry is ripe for innovation and Veeva is definitely making strides towards solving the everyday challenges for its customers. Recently, the company received several prestigious industry awards and accolades for its workplace leadership, growth, and technology innovation and has also been ranked as one of the fastest-growing software companies. “We’re dedicated to customer success, delivering the industry’s most innovative products, and creating a great workplace for our employees and the communities we do business in,” adds Gassner. “We’re honored by these recognitions and thank our remarkable team, who not only ensure the success of our customers, but also make Veeva an exceptional place to work.” Today, Veeva counts Pfizer, Amgen, and other big pharma players—33 out of the 50 largest pharmaceutical firms—as its customers.

Recently, Veeva founded a life sciences industry standards group—Align Biopharma, with a mission to create open technology standards for healthcare professionals (HCPs) to work with life sciences. Veeva has been delivering cloud software solutions to help life sciences companies achieve their most pressing strategic objectives in bringing products to market faster and more efficiently. For the days to come, the company aims at assisting organizations through its solutions to make marketing and selling more effective while maintaining compliance with government regulations.
- Eileen Singh
    February 28, 2017
Share this Article: