After filing the 505(b)2 application for Rasuvo® (methotrexate injection) with the FDA, Medac Pharma needed to quickly build a commercial foundation for product sales and marketing. Four months later, Medac Pharma was ready for business with Veeva Systems Inc (NYSE:VEEV) Commercial Cloud and fully prepared to take its first product to market. Veeva Commercial Cloud brings together customer data, multichannel interactions, and compliant content in a single solution to enable a fully orchestrated customer experience. Medac Pharma joins a growing list of life sciences companies establishing end-to-end commercial operations with Veeva Commercial Cloud.
Starting with a blank slate, Medac Pharma had the rare opportunity to establish the right technology foundation from the start to maximize commercial success. The company sought a complete solution that would meet the needs of sales, marketing, and medical teams and align the entire organization around the customer. “With Veeva Commercial Cloud, we gained the full breadth of commercial capabilities in one complete solution to enable fully coordinated customer engagement across channels. And with Veeva, we were able to meet our aggressive four-month deadline and go live successfully,” said Glenn Tate, Medac Pharma’s Senior Director of IT.
Medac Pharma successfully launched Rasuvo, propelled by Veeva Commercial Cloud, an industry-leading solution designed specifically for the needs of the life sciences industry. “I knew that I wanted a system that was proven, fit, and didn’t require extensive customization. It needed to be streamlined, too, without pieced-together point solutions underpinning Medac Pharma’s commercial operation,” explained Tate. “Veeva Commercial Cloud fulfills all of our needs, including important functions like sample validation. Its flexible, multitenant architecture enables ongoing innovation and grows with us as we expand into potential new areas such as oncology.”
Veeva Commercial Cloud includes Veeva CRM to orchestrate customer engagement across channels, Veeva Vault PromoMats for promotional materials management, Veeva Network customer master data management software, and Veeva OpenKey’s customer data. It all works in conjunction to enable timely, compliant, and personalized customer interactions tightly coordinated across channels. Keryx, Sobi, Kythera, and Medac Pharma are among the life sciences companies now launching products with Veeva Commercial Cloud as their commercial foundation.
Medac Pharma President and CEO Terri Shoemaker noted, “Veeva Commercial Cloud provides all of the critical elements of a successful pharma commercial operation, seamlessly connected in one solution. It allows us to make the customer central to everything we do. All customer touch points are channeled through Veeva Commercial Cloud – making it an integral part of our customer engagement strategy.”
“With Veeva Commercial Cloud, all of our teams see the full history of customer interactions whether through an email, online detail, phone call, or face to face. There’s a continuous feedback loop about where the doctor is in the sales process, which allows for rich insights aggregated across every step of the customer journey and informed future engagement,” said Mike Henrick, associate director of sales operations for Medac Pharma. “We’ve also gained digital channels to communicate with customers on their terms, allowing us to reach more HCPs efficiently – a critical advantage for a growing organization like ours.”
Uniting industry-leading applications to enable world-class commercial operations, Veeva Commercial Cloud delivers Medac Pharma the competitive advantage of proven cloud technology built to meet the evolving needs of life sciences. “Now more than ever, the life sciences industry requires the cloud’s inherent scalability and flexibility to remain agile and competitive in the face of a rapidly changing environment,” said Paul Shawah, vice president of product marketing for Veeva. (Original Source)
Shares of Veeva Systems closed yesterday at $27.76 . VEEV has a 1-year high of $33.66 and a 1-year low of $19.51. The stock’s 50-day moving average is $26.85 and its 200-day moving average is $27.95.
On the ratings front, Veeva Systems has been the subject of a number of recent research reports. In a report issued on March 4, Deutsche Bank analyst Karl Keirstead downgraded VEEV to Hold, with a price target of $30, which represents a potential upside of 8.1% from where the stock is currently trading. Separately, on March 3, Canaccord Genuity’s Richard Davis reiterated a Buy rating on the stock and has a price target of $36.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Karl Keirstead and Richard Davis have a total average return of 12.2% and 6.6% respectively. Keirstead has a success rate of 65.7% and is ranked #418 out of 3607 analysts, while Davis has a success rate of 58.8% and is ranked #412.
Veeva Systems Inc is a provider of industry-specific, cloud-based software solutions for the life sciences industry.