On opening day of eyeforpharma Barcelona 2015, Veeva Systems Inc (NYSE:VEEV) announced Veeva OpenData, a new approach to customer reference data for the life sciences industry. Veeva OpenData builds on Veeva’s growing presence in the data business with a bold vision to provide customer data for all healthcare professionals (HCP), healthcare organizations (HCO), and affiliations across life sciences’ major markets—and to do so with consistent standards for quality and service.
Veeva also announced the Veeva OpenData Partner Program, which establishes a partner ecosystem designed to make it easy for life sciences companies to access and maximize their customer data. Today, companies’ ability to fully leverage the customer data they purchase is hampered by restrictive vendor contracts that limit usage and access. With data access agreements and partnerships in place with other third-party providers, Veeva OpenData eliminates those complications.
“Veeva is dedicated to solving the customer data challenges for life sciences organizations, with a customer-first approach to quality and service,” said Tim Slevin , senior vice president of Veeva’s global data solutions business. “This starts with freeing companies of the constraints preventing them from reaping the full benefits of their customer data and our commitment to deliver an offering that provides truly global support.”
Survey Reveals Need for Data That is Open, Easy, and Global
Currently, 83 percent of life sciences executives surveyed report the quality of their customer data is a significant challenge, according to preliminary results of the Veeva 2015European Life Sciences Industry Survey on Customer Data.i More than one in four say they are dissatisfied with the service they receive from their current data provider, and just 12 percent say incumbent providers have innovated to deliver high-quality data solutions.ii
Veeva OpenData will provide a faster, more responsive service with a consistently high standard for quality across regions. Veeva OpenData will make it easy for companies to use the data they need—wherever, whenever, and however they need it, without the burdensome contractual restrictions that exist in the customer data market today. In addition, the solution’s fair, simple pricing is free of complicated conditions or surprises.
In the face of changing regulations and more stringent reporting requirements, the need for consistent, cross-border customer data has never been more acute. Less than a year away from the January 2016 European Federation of Pharmaceutical Industries and Associations’ (EFPIA) payment disclosure deadline, only 39 percent of companies surveyed definitively report that their customer data allows them to accurately track or aggregate spend at the HCP level.iii And only 29 percent have data that fully allows them to manage HCP engagement activity across regional or country borders.iv
To eliminate the burden of managing multiple data feeds and duplication of HCP and HCO records across European markets Veeva OpenData Customer Data will be sourced locally and consolidated into a single global reference database.
“Life sciences companies struggle to maintain timely, complete customer data across their internal systems, resulting in significant compliance and customer engagement challenges,” said Eric Newmark , program director, Business Systems Strategies for IDC Health Insights. “Much of the challenge stems from their inability to integrate and fully utilize the data they purchase today. More open access to quality data and partner ecosystems that work together to ensure access is seamless for customers is something the industry desperately needs.”
“We are proud to partner with Veeva as they continue their journey towards a vision of providing the most comprehensive data and service solutions for the life sciences industry,” said Robert Bryant , partner at Deloitte. “We have worked with Veeva on early Veeva OpenData customers and have been impressed with the solution and vision.” (Original Source)
Shares of Veeva Systems closed today at $27.78, down $0.79 or 2.76%. 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 $27.09 and its 200-day moving average is $27.94.
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% 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 12.6% and 6.6% respectively. Keirstead has a success rate of 66.2% and is ranked #377 out of 3607 analysts, while Davis has a success rate of 57.7% and is ranked #417.
Veeva Systems Inc is a provider of industry-specific, cloud-based software solutions for the life sciences industry.