Veeva Systems Inc. (Veeva) provides industry cloud solutions for the global life sciences industry.
The company’s offerings span cloud software, data, and business consulting and are designed to meet the unique needs of its customers and their most strategic business functions—from research and development (R&D) through commercialization. The company’s solutions help life sciences companies develop and bring products to market faster and more efficiently, market and sell more effectively, and m...
Veeva Systems Inc. (Veeva) provides industry cloud solutions for the global life sciences industry.
The company’s offerings span cloud software, data, and business consulting and are designed to meet the unique needs of its customers and their most strategic business functions—from research and development (R&D) through commercialization. The company’s solutions help life sciences companies develop and bring products to market faster and more efficiently, market and sell more effectively, and maintain compliance with government regulations.
The company’s commercial solutions help life sciences companies achieve better, more intelligent engagement with healthcare professionals and healthcare organizations across multiple communication channels, and plan and execute more effective media and marketing campaigns. The company’s R&D solutions for the clinical, regulatory, quality, and safety functions help life sciences companies streamline their end-to-end product development and quality and manufacturing processes to increase operational efficiency and maintain regulatory compliance throughout the product life cycle. The company’s solutions for clinical research sites enable regulatory documents and trial information to be managed in a modern cloud solution that is intended to accelerate the clinical research process for the life sciences industry overall.
Industry Cloud Solutions for Life Sciences
The company’s industry cloud solutions for the life sciences industry are grouped into four major product categories—Veeva Development Cloud, Veeva Quality Cloud, Veeva Commercial Cloud, and Veeva Data Cloud—and are designed to address pharmaceutical, biotechnology, and medical devices and diagnostics (MedTech) companies’ most pressing strategic needs in their commercial and R&D operations. For financial reporting purposes, revenues associated with the company’s Veeva Commercial Cloud and Veeva Data Cloud solutions are classified as ‘Commercial Solutions’ revenues, and revenues associated with its Veeva Development Cloud and Veeva Quality Cloud solutions are classified as ‘R&D Solutions’ revenues.
Veeva Development Cloud includes application suites for the clinical, regulatory, and safety functions of life sciences companies, all built on the company’s proprietary Veeva Vault platform. Veeva Vault’s unique ability to handle content and data allows it to build content and data-centric applications to help customers streamline end-to-end business processes and eliminate manual processes and siloed systems. Veeva Vault can be deployed one application at a time or as an integrated solution with multiple applications that enable customers to unify and manage important documents and related data in a single global system:
Veeva Clinical Platform advances clinical trial execution by providing a complete and connected technology ecosystem. The company’s clinical platform is designed to enable seamless execution and flow of data between clinical trial stakeholders—including patients, research sites, contract research organizations (CROs), and trial sponsors—for faster, more efficient trials that achieve higher data accuracy and increased patient diversity. The company’s suite of applications for clinical research sites and patient engagement facilitates clinical trial participation for patients and streamlines study execution for research sites and trial sponsors. These offerings include applications that enable sites to manage study documents electronically and securely exchange information with sponsors and CROs.
Veeva Clinical Data Management helps sponsors and CROs design and run trials with tools to speed the build process and eliminate manual steps. This includes Veeva EDC for electronic data capture; Veeva CDB for aggregating, cleaning, and transforming clinical data; and solutions for electronic processing of consents and assessments of clinical trial participants. Veeva Clinical Operations Suite offers applications, such as Veeva eTMF, an electronic trial master file application, Veeva CTMS for clinical trial management, solutions for randomization and trial supply management, and solutions for automating the flow of clinical trial information between sponsors, CROs, and clinical research sites for better collaboration and faster clinical trials.
Veeva Safety is a suite of applications that unifies systems and processes to enable proactive patient safety. These offerings include applications that manage drug safety content, as well as the intake, processing, and submission of adverse event data.
Veeva RIM is a suite of applications that provides fully integrated regulatory information management capabilities on a single cloud platform. These offerings include applications that enable life sciences companies to manage, track, and report product and registration information and to facilitate content planning, authoring, publishing, and archiving of regulatory submissions to healthcare authorities.
Veeva Commercial Cloud is a product category consists of software and analytics solutions built specifically for life sciences companies to more efficiently and effectively commercialize their products. Veeva Commercial Cloud includes solutions for the sales, marketing, and medical affairs functions of a life sciences company:
Veeva Vault CRM Suite is the company’s next generation CRM solution built on its proprietary Veeva Vault platform. Vault CRM brings together sales, marketing, medical, and service teams at pharmaceutical and biotechnology companies in a single Vault database, with shared data and content, to manage, track, and optimize engagement with healthcare professionals. Veeva CRM and some of its related applications are built on a platform provided by Salesforce, Inc. and will be supported until September 1, 2030. Both Vault CRM and Veeva CRM include multichannel CRM applications that can enhance and extend the company’s core CRM and Medical CRM products, providing customers with an end-to-end solution across all key channels, including face-to-face, email, and virtual engagement, live and virtual enterprise events, and field collaboration.
Veeva Medical provides a single, validated source of medical content across multiple channels and geographies with capabilities for medical affairs teams to centralize medical inquiries and content.
Veeva PromoMats is an end-to-end content and digital asset management (DAM) solution through which life sciences companies can collaborate, review, distribute, and update commercial content and manage assets.
Veeva Crossix provides pharmaceutical brands a best-in-class analytics platform to maximize media investments and drive greater marketing effectiveness.
Veeva Data Cloud is a modern data platform consists of connected reference data, deep data, and transaction data. The platform is designed to bring greater efficiency and precision across clinical and commercial operations of a life sciences company:
Veeva OpenData is customer reference data. This includes demographic information, license information and status, specialty information, affiliations, and other key data about healthcare professionals and organizations that is crucial to customer engagement and compliance.
Veeva Link applications are built on a modern data platform that combines intelligent software automation with human curation to provide deep data across a growing number of areas, including key people, key accounts, publications, conferences, medical insights, and digital engagement.
Veeva Compass is a suite of de-identified U.S. longitudinal patient, projected prescriber, and national data designed for a wide range of commercial use cases, including business planning, patient finding, patient journey analytics, segmentation and targeting, forecasting, and incentive compensation.
Veeva CRM Pulse is a data subscription that provides access and multichannel engagement metrics about healthcare professionals that are used by the company’s life sciences customers for segmentation, targeting, and engagement planning.
Professional Services and Support
The company offers professional services to help customers maximize the value of its solutions. The company’s service teams possess industry expertise, project management capabilities, and deep technical acumen that its customers highly value. The company’s professional services teams work with its systems integrator partners to deliver projects.
The company offers the following professional services: implementation and deployment planning and project management; requirements analysis, solution design and configuration; systems environment management and deployment services; services focused on advancing or transforming business and operating processes related to Veeva solutions; technical consulting services related to data migration and systems integrations; training on its solutions; and ongoing managed services, such as outsourced systems administration.
The company organizes its professional services teams by specific expertise so that they can provide advice and support for best industry practices in the research and development and commercial departments of the company’s customers.
Veeva Services Partners include global systems integrators and market specialty firms that help customers maximize the value of Veeva solutions. Partner services include program management, support, training, customization, and integration.
Veeva Business Consulting
The company offers Veeva Business Consulting services through dedicated teams that are distinct from its professional services and support organization. Veeva Business Consulting provides strategic consulting services and solutions that are often enabled by the company’s unique industry-wide perspective and proprietary data. Commercial Business Consulting typically focuses on a particular customer success initiative, commercial strategy, or business process change like digital engagement, commercial content management, field optimization, and commercial insights and analytics. R&D Business Consulting enables continuous and sustainable innovation across the drug development value chain, including process efficiency, time-to-market acceleration, and optimized operating model and governance.
Customers
The company delivers solutions to companies throughout the life sciences industry, including pharmaceutical, biotechnology, and medical device companies, contract sales organizations, and contract research organizations. The company’s life sciences customers range from the largest global pharmaceutical and biotechnology companies, such as Bayer AG, Boehringer Ingelheim GmbH, Eli Lilly and Company, Gilead Sciences, Inc., Merck Sharp & Dohme Corp., and Novartis Pharma AG, to emerging growth pharmaceutical and biotechnology companies, including Alkermes Inc., Alnylam Pharmaceuticals, Inc., bluebird bio, Inc., and Idorsia Pharmaceuticals Ltd. The company also delivers solutions to companies in the consumer products industries.
Sales and Marketing
The company sells its solutions through its direct sales organization. In large life sciences companies, the R&D and commercial business functions commonly have separate technology and business decision makers. Accordingly, the company markets and sells its solutions to align with the distinct characteristics of those decision makers. The company has distinct R&D and commercial sales teams, which its further segment to focus on selling to large global life sciences companies and smaller life sciences companies. The company also has product specific and industry specific sales teams for certain of its products.
Technology Infrastructure and Operations
The company’s products are hosted in data centers located in the United States, the European Union, Japan, South Korea, Singapore, Australia, and Brazil. The company’s products used only within China are hosted in data centers located in China. The company utilizes third parties to provide its computing infrastructure and manage the infrastructure on which its solutions operate. For example, for Veeva CRM and certain of the company’s multichannel CRM applications, it utilizes the hosting infrastructure provided by Salesforce, Inc. For the company’s Veeva Vault applications, including Vault CRM, and certain other Veeva Commercial Cloud applications, it utilizes Amazon Web Services.
The company’s infrastructure providers employ advanced measures to ensure physical integrity and security, including redundant power and cooling systems, fire and flood prevention mechanisms, continual security coverage, biometric readers at entry points and anonymous exteriors. The company also implements various disaster recovery measures such that data loss would be minimized in the event of a single data center disaster. The company architects its solutions using redundant configurations to minimize service interruptions. The company continually monitors its solutions for any sign of failure or pending failure, and the company takes preemptive action to attempt to minimize or prevent downtime.
The company’s technology is generally based on multitenant architectures that apply common, consistent management practices for all customers using its solutions. The company enables multiple customers to share the same version of its solutions while securely partitioning their respective data. Certain of the company’s other applications rely on technology platforms provided by third parties. For example, the company’s commercial data warehouse application utilizes Amazon Redshift, and its digital engagement application utilizes Zoom.
Privacy Program
Veeva maintains a data privacy program aligned to applicable laws, such as the European Union’s General Data Protection Regulation (EU GDPR), the United Kingdom’s General Data Protection Regulation (UK GDPR), the California Consumer Privacy Act (CCPA), and the U.S. Health Insurance Portability and Accountability Act (HIPAA).
Competition
The company’s CRM solutions primarily compete with Salesforce, Inc., which is developing a life sciences industry-specific CRM application and has entered a partnership with IQVIA Holdings, which also offers various data products and other applications that compete with its products.
The company’s Veeva Data Cloud products, as well as Veeva Crossix compete with IQVIA, Ipsos Group S.A., Definitive Health Corp., and smaller data and data analytics providers.
IQVIA, Dassault Systèmes, OpenText Corporation, Oracle Corporation, Honeywell International Inc., and other smaller application providers offer applications that compete with certain of the company’s Veeva Development Cloud and Quality Cloud applications.
The company’s Commercial Cloud, Development Cloud, and Quality Cloud application suites also compete to replace client server-based legacy solutions offered by companies such as Oracle, Microsoft Corporation, and other smaller application providers.
The company sells certain of its Development Cloud and Quality Cloud applications to companies outside the life sciences industry. In this segment of the company’s business, it competes with solutions, such as those offered by OpenText, Microsoft, Honeywell, EtQ Management Consultants, LLC, Oracle, and Box, and custom-built software developed by third-party vendors or in-house by its potential customers.
History
The company was founded in 2007. The company was incorporated in 2007. The company was formerly known as Verticals onDemand, Inc. and changed its name to Veeva Systems Inc. in 2009.