Report Reveals 70% of Medtechs Use Manual Processes for Managing Content and Claims
Rhea-AI Summary
Veeva Systems released findings from their 2024 MedTech Commercial Benchmark survey, revealing that nearly 70% of medtech organizations still use manual processes for managing commercial content and claims. Only 15% of organizations have streamlined processes with centralized data repositories. The survey of over 130 commercial medtech leaders highlighted that 80% are pursuing content personalization strategies, while 40% lack Digital Asset Management systems. 60% of companies using manual processes experience approval times exceeding four weeks, with assets requiring 3-5 review rounds. Additionally, 45% of organizations view content creation as AI's most significant potential contribution.
Positive
- 80% of medtech companies are pursuing content personalization strategies
- 45% recognize AI's potential in content creation
Negative
- 70% still rely on manual processes for content and claims management
- 60% experience content approval delays exceeding 4 weeks
- Only 15% have streamlined processes with centralized data repositories
- 40% lack Digital Asset Management (DAM) systems
- Marketing assets require 3-5 rounds of reviews, causing launch delays
News Market Reaction
On the day this news was published, VEEV gained 1.86%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Reducing content approvals from more than four weeks and automating claims are key opportunities to drive speed to market
Despite the importance of connecting claims, evidence, and promotional materials, only
The benchmark survey of over 130 commercial medtech leaders found that:
- Content personalization is a growing focus. More than
80% are pursuing strategies to tailor and specify messaging. Achieving compliant personalization at scale without the right systems remains a challenge amid strict regulatory requirements. - Digital asset management (DAM) not yet in place for true omnichannel. Nearly
40% of organizations report not having a DAM system in place, limiting the management of personalizing content. Among those with a DAM, only31% report having it accessible across marketing. - Prolonged approval times result in missed opportunities.
60% of medtech companies using manual processes or homegrown solutions experience approvals taking more than four weeks. Marketing assets undergo an average of three to five rounds of reviews which can delay campaign launches, affecting product awareness and sales momentum. - AI and automation of content continues to influence medtech.
45% of medtech organizations feel the most significant area AI can contribute is content creation.
"As the demand grows for more personalized promotional materials, medtech companies face scale and compliance challenges to adhere to regulatory standards and accurately reflect product efficacy and safety," said Jeff Gorski, senior director of commercial content strategy, Veeva MedTech. "This report shows that nearly every medtech organization has an opportunity to improve content and claims management processes for greater speed to market, compliance, and efficiency."
The 2024 Veeva MedTech Commercial Benchmark survey examines the current processes, challenges, and future opportunities for improvement in managing promotional content and claims.
Additional Information
For more on Veeva Vault PromoMats for MedTech, visit: veeva.com/medtech/PromoMats
Connect with Veeva on LinkedIn: https://www.linkedin.com/showcase/veeva-medtech/
About Veeva Systems
Veeva is the global leader in cloud software for the life sciences industry. Committed to innovation, product excellence, and customer success, Veeva serves more than 1,000 customers, ranging from the world's largest biopharmaceutical companies to emerging biotechs. As a Public Benefit Corporation, Veeva is committed to balancing the interests of all stakeholders, including customers, employees, shareholders, and the industries it serves. For more information, visit veeva.com.
Veeva Forward-looking Statements
This release contains forward-looking statements regarding Veeva's products and services and the expected results or benefits from use of our products and services. These statements are based on our current expectations. Actual results could differ materially from those provided in this release and we have no obligation to update such statements. There are numerous risks that have the potential to negatively impact our results, including the risks and uncertainties disclosed in our filing on Form 10-Q for the period ended July 31, 2024, which you can find here (a summary of risks which may impact our business can be found on pages 36 and 37), and in our subsequent SEC filings, which you can access at sec.gov.
Contact:
Alison Borris
Veeva Systems
925-226-8821
alison.borris@veeva.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/report-reveals-70-of-medtechs-use-manual-processes-for-managing-content-and-claims-302312460.html
SOURCE Veeva Systems
FAQ
What percentage of medtech companies use manual processes for content management according to Veeva's 2024 survey?
How long do content approvals take for medtech companies using manual processes (VEEV)?
What percentage of medtech organizations have centralized data repositories for claims management (VEEV)?
How many medtech organizations view AI as significant for content creation according to Veeva's 2024 survey?
