Veeva Pulse Data Shows New Science Calls for More Connected Engagement

Rhea-AI Summary

Veeva Systems' latest Pulse Field Trends Report reveals critical insights about healthcare professional (HCP) engagement in the biopharma industry. The report highlights that while in-person meetings with HCPs have declined by 7% compared to last year, synchronized engagement between sales and marketing can significantly improve outcomes. Currently, 65% of HCP engagements remain unsynchronized.

The data shows that coordinated approaches yield better results: rep meetings followed by digital exposure within 10 days are 30% more likely to result in prescriptions, digital ads after speaker programs increase prescription likelihood by 25%, and HCP website visits following rep meetings boost prescription probability by 60%.

Positive

• Synchronized marketing-sales engagement increases prescription likelihood by 30% within 10 days
• Digital ads following speaker programs boost prescription probability by 25%
• HCP website visits after rep meetings improve prescription likelihood by 60%

Negative

• In-person meetings with HCPs decreased by 7% compared to previous year
• 65% of HCP engagements remain unsynchronized, affecting treatment adoption
• HCPs becoming more time-constrained, limiting engagement opportunities

Synchronizing sales and marketing improves outcomes, yet 65% of field engagements are not

PLEASANTON, Calif., Nov. 14, 2024 /PRNewswire/ -- Veeva Systems (NYSE: VEEV) today released its latest Veeva Pulse Field Trends Report, showing connected sales and marketing engagement helps biopharmas balance healthcare professionals' (HCPs) need for deep scientific information on complex medicines as they become more time-constrained. Data reveals synchronizing in-person engagements with promotional touchpoints improves education and increases treatment adoption.

While HCPs have expectations that companies provide deeper scientific information and more engagement, they are more time-constrained than ever. Even for biopharmas with access, in-person meetings are down 7% per HCP since last year. Coordinating sales and marketing activities can help offset limited in-person meetings, but the majority (65%) of HCP engagements remain unsynchronized, slowing treatment adoption.

"Physicians have limited time and don't need repetitive information. The transfer must be efficient, with scientifically trusted information through the right channel. Every interaction should inform the next communication," said Dr. Vital Hevia, urologist and robotic surgeon at ROC Clinic and HM Hospitals.

New data from Veeva Pulse shows:

• Disconnected sales and marketing activities don't optimize limited HCP time: Today, 65% of HCP engagements are not synchronized. Amidst decreasing time and attention from HCPs, sales and marketing cannot coordinate effective HCP conversations without a connected view.
• Synchronized in-person and promotional touchpoints improve outcomes: Within 10 days, a rep meeting followed by a digital exposure is 30% more likely to result in a prescription, and HCPs exposed to digital ads after a speaker program are 25% more likely to prescribe. HCPs who also visit a brand website following a rep visit are 60% more likely to prescribe.
• An omnichannel commercial model meets HCP needs: Companies connecting data, systems, and KPIs can drive more effective scientific understanding. This coordination better meets HCPs' need for in-depth information in the face of growing therapeutic complexity.

"With today's complex medicines, biopharmas have a new challenge to communicate scientific evidence to HCPs with limited time to do it. A coordinated engagement model, with sales and marketing in lockstep, delivers this in-depth information more effectively," said Dan Rizzo, vice president of business consulting at Veeva. "With connected tools and data, commercial organizations can ensure doctors are well informed to help speed treatment adoption."

About the Veeva Pulse Field Trends Report
Analyzing over 600 million HCP interactions and activities annually from more than 80% of commercial biopharma field teams worldwide, the Veeva Pulse Field Trends Report is the largest industry benchmark of its kind on HCP engagement. The analysis compiles real-time transactional data recorded in Veeva CRM and Veeva data products to deliver a view of engagement activity across life sciences. Indexed by Veeva quarterly, the data will help companies effectively and accurately benchmark performance to set the right, actionable goals for continued growth and impact.

Additional Information
For more on the Veeva Pulse Field Trends Report, visit: veeva.com/FieldTrends
Learn more about Veeva Business Consulting: veeva.com/BusinessConsulting
Connect with Veeva on LinkedIn: linkedin.com/company/veeva-systems

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

 

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SOURCE Veeva Systems

FAQ

What are the key findings of Veeva's (VEEV) latest Pulse Field Trends Report 2024?

The report reveals that synchronized sales-marketing engagement improves outcomes, with 30% higher prescription likelihood when rep meetings are followed by digital exposure. However, 65% of HCP engagements remain unsynchronized, and in-person meetings have decreased by 7%.

How much has HCP engagement declined according to Veeva's (VEEV) 2024 report?

According to the report, in-person meetings with healthcare professionals (HCPs) have declined by 7% compared to the previous year.

What percentage of HCP engagements are not synchronized according to Veeva (VEEV)?

According to Veeva's latest report, 65% of healthcare professional (HCP) engagements are not synchronized between sales and marketing activities.