IQVIA and Salesforce Expand Global Partnership to Accelerate the Development of Life Sciences Cloud
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The strategic partnership between IQVIA and Salesforce to develop an advanced customer engagement platform for the life sciences industry represents a significant evolution in the intersection of healthcare and technology. This collaboration leverages IQVIA's domain expertise in life sciences data and analytics with Salesforce's robust CRM capabilities. The focus on data-driven decision-making and AI integration is indicative of the broader industry trend towards personalized and efficient customer engagement strategies. The potential for this platform to streamline HCP and patient interactions could lead to improved outcomes and operational efficiencies for life sciences organizations.
From a market perspective, the partnership may enhance the competitive positioning of both IQVIA and Salesforce within the life sciences vertical. The integration of IQVIA's Orchestrated Customer Engagement (OCE) platform with Salesforce’s CRM software could offer a unique value proposition that distinguishes it from other solutions in the market. The announcement may have a positive influence on investor sentiment, as it showcases both companies’ commitment to innovation and growth within a high-value industry.
The expanded global strategic partnership between IQVIA and Salesforce is poised to impact the life sciences industry by enhancing the way companies engage with healthcare professionals and patients. The proposed end-to-end engagement platform aims to facilitate a more orchestrated and personalized customer experience, which is critical in an era where precision medicine and tailored healthcare solutions are becoming increasingly important.
The development of such a platform is expected to enable life sciences companies to make more informed and rapid decisions across various functions, from clinical development to patient engagement. The integration of advanced analytics and AI into the CRM software could lead to more effective marketing strategies, improved patient support programs and ultimately, better health outcomes. For stakeholders in the life sciences sector, the success of this partnership could signal a shift towards more technologically advanced and data-centric business models.
Investors should note the licensing of IQVIA's OCE CRM related software to Salesforce as part of the partnership, which may have financial implications for both entities. This arrangement suggests potential revenue streams for IQVIA from licensing fees and continued support for existing OCE customers. For Salesforce, the integration with IQVIA's expertise and data assets could strengthen its Life Sciences Cloud offering, potentially leading to increased market share and revenue in the life sciences sector.
It is important to consider the timeline, with the new platform expected to be available in 2025 and the transition period extending through 2029. The long-term nature of this project means that any financial impact will be gradual and should be weighed against the costs associated with development and marketing. Furthermore, the collaboration's success will depend on the adoption rate within the life sciences industry, which is influenced by factors such as regulatory compliance, data security and the rate of technological adoption by healthcare providers.
Building on the IQVIA Orchestrated Customer Engagement (OCE) platform, launched in 2017, the partnership will apply innovations from IQVIA OCE with Salesforce’s Life Sciences Cloud to provide customers with a new single, end-to-end engagement platform. Salesforce’s leading CRM software, powered by IQVIA data, domain expertise and advanced analytics, is expected to transform healthcare professional (HCP) and patient engagement.
As part of the expanded partnership, IQVIA will license the OCE CRM related software to Salesforce, and the parties will collaborate to accelerate development of Life Sciences Cloud for customer engagement, expected to be available in 2025*. IQVIA will continue to market the OCE CRM product and will support its nearly 400 global OCE customers in 130+ countries through 2029. IQVIA will work with Salesforce to jointly market the new offering. The two companies will bring together talent, technology and expertise to ensure a coordinated transition from IQVIA’s OCE to Salesforce’s next generation life sciences solution.
“Our expanded relationship with Salesforce will bring the best of our combined capabilities in data, AI and technology to life sciences customers. In collaboration with various strategic partners across multiple healthcare verticals, IQVIA will continue to develop innovative technology solutions to help accelerate decision making across discovery, clinical development, medical affairs, real world evidence generation, patient safety, regulatory compliance, patient engagement and commercial operations,” said Bernd Haas, SVP and Head of Digital Products and Solutions at IQVIA.
“Our collaboration with IQVIA marks a pivotal moment for Salesforce Life Sciences Cloud innovation. It will transform the future of HCP engagement, bringing together our combined capabilities in CRM, AI, data, and the thought leadership of IQVIA, all on the trusted Einstein 1 Platform,” said Frank Defesche, SVP and General Manager, Life Sciences at Salesforce. “This collaboration will provide life science organizations with a single, intelligent end-to-end engagement platform to transform the customer experience to be orchestrated and personalized.”
*While Life Sciences Cloud launches June 2024, Sales automation functions for pharma/biotech customers are currently not offered for sale by Salesforce and will not be available for sale by Salesforce until after September 1, 2025. Commercial functions for medical technology customers are generally available today.
About IQVIA
IQVIA (NYSE:IQV) is a leading global provider of advanced analytics, technology solutions, and clinical research services to the life sciences industry. IQVIA creates intelligent connections across all aspects of healthcare through its analytics, transformative technology, big data resources, extensive domain expertise and network of partners. IQVIA Connected Intelligence™ delivers actionable insights and powerful solutions with speed and agility — enabling customers to accelerate the clinical development and commercialization of innovative medical treatments that improve healthcare outcomes for patients. With approximately 87,000 employees, IQVIA conducts operations in more than 100 countries.
IQVIA is a global leader in protecting individual patient privacy. The company uses a wide variety of privacy-enhancing technologies and safeguards to protect individual privacy while generating and analyzing information on a scale that helps healthcare stakeholders identify disease patterns and correlate with the precise treatment path and therapy needed for better outcomes. IQVIA’s insights and execution capabilities help biotech, medical device and pharmaceutical companies, medical researchers, government agencies, payers and other healthcare stakeholders tap into a deeper understanding of diseases, human behaviors and scientific advances, in an effort to advance their path toward cures. To learn more, visit www.iqvia.com.
About Salesforce
Salesforce is the #1 AI CRM, empowering companies to connect with their customers in a whole new way through the power of CRM + AI + Data + Trust on one unified platform: Einstein 1. For more information visit: www.salesforce.com (NYSE: CRM).
View source version on businesswire.com: https://www.businesswire.com/news/home/20240408191421/en/
Kerri Joseph, IQVIA Investor Relations (kerri.joseph@iqvia.com)
+1.610.244.3020
Trent Brown, IQVIA Media Relations (trent.brown@iqvia.com)
+1.919.780.3221
Sarah Kennedy, Salesforce Media Relations (sarah.kennedy@salesforce.com)
Source: IQVIA
