Veeva Vault EDC Surpasses 1,000 Study Start Milestone

Rhea-AI Summary

Veeva Systems announces increased adoption of Vault EDC with eight of the top 20 biopharmas standardizing on it, enabling faster study builds and streamlined processes.

Positive

• Veeva Vault EDC powered over 1,000 study starts, with eight of the top 20 biopharmas and two of the top six CROs standardizing on it.
• Clinical teams are building studies faster with Vault EDC's drag-and-drop interface and industry-leading capabilities.
• Companies are experiencing a 50% reduction in effort and 50% faster execution with Vault EDC, advancing clinical data management.
• Vault EDC offers increased flexibility for running complex multi-arm adaptive trials, simplifying data management processes.
• Veeva Vault Clinical Data Management combines EDC and Veeva Clinical Database for next-generation clinical data management.

Negative

• None.

Market Research Analyst

The announcement by Veeva Systems regarding the adoption of Vault EDC by a significant portion of top biopharmaceutical companies represents a pivotal shift in the clinical data management landscape. The integration of EDC systems is not just a technological upgrade; it's a strategic move that can streamline clinical trials, potentially shortening development timelines and reducing costs. As such, the adoption rate of Vault EDC could be indicative of Veeva's competitive positioning and its ability to capture market share in the clinical data management sector.

Investors should note that the efficiency gains touted—reducing effort by 50% and increasing execution speed by 50%—could translate into material cost savings for clients. This could lead to increased customer satisfaction and retention, as well as attract new clients looking for similar gains. Furthermore, the decision by major biopharmas and CROs to standardize on Vault EDC suggests a level of trust in Veeva's system that might influence smaller players to follow suit, potentially creating a network effect that benefits Veeva in the long term.

Medical Research Analyst

The migration to advanced clinical data management systems like Vault EDC is a testament to the industry's commitment to improving the quality and efficiency of clinical trials. For medical research professionals, the implications are significant. Faster study builds and streamlined processes could accelerate the pace of medical innovation, allowing new treatments to reach the market more rapidly. This could be particularly beneficial in areas where there is an urgent need for medical advancements.

Additionally, the ability to handle complex multi-arm adaptive trials with greater ease is a notable advancement. Adaptive trials are an important tool in medical research, as they allow for more flexible and efficient study designs, which can lead to more robust data. The impact of this cannot be overstated, as it could lead to more personalized and effective treatments becoming available to patients sooner.

Financial Analyst

From a financial perspective, the standardization on Veeva's Vault EDC by major biopharmaceutical companies may signal a robust revenue stream for Veeva Systems. The recurring nature of software-as-a-service (SaaS) models, like that of Vault EDC, provides a predictable and stable source of income. This is particularly attractive to investors seeking companies with reliable financials in the volatile biotech sector.

Moreover, the scalability of EDC systems means that as Veeva's clients' clinical trial activities expand, so too will Veeva's revenue potential. It is important, however, for investors to monitor the adoption rates and customer feedback continuously, as any signs of dissatisfaction or emerging competition could impact Veeva's market share and financial performance. Vigilance in tracking industry trends and competitor developments is important for understanding the potential long-term financial impact of this news.

Eight of the top 20 biopharmas standardize on Vault EDC to build a modern clinical data foundation

PLEASANTON, Calif., March 20, 2024 /PRNewswire/ -- Veeva Systems (NYSE: VEEV) today announced that Veeva Vault EDC powered more than 1,000 study starts. The increased adoption of Vault EDC is enabling companies to establish a foundation for modern electronic data capture (EDC), including eight of the top 20 biopharmas and two of the top six CROs standardizing on Vault EDC. This underscores the ongoing shift to advanced clinical data management, with one top 20 biopharma recently migrating 25 studies and more organizations switching to Vault EDC for greater efficiency and speed.

Eight of the top 20 biopharmas standardize on Vault EDC to build a modern clinical data foundation

"Veeva Vault EDC simplifies complex data management for faster study builds and streamlined processes," said Richard Young, vice president, clinical data strategy at Veeva. "Research sites, sponsors, and CROs are reducing effort by 50% and executing 50% faster with Vault EDC, significantly advancing clinical data management for the benefit of the industry."

Clinical teams are using Vault EDC to build studies faster. With industry-leading capabilities, Vault EDC offers a drag-and-drop interface and eliminates the need for custom programming. This makes it easier to design patient forms and perform edit checks, saving time and effort. The increased flexibility allows companies to run the study they need, even for complex multi-arm adaptive trials.

Vault EDC is part of Veeva Vault Clinical Data Management, bringing together EDC and Veeva Clinical Database (CDB) for next-generation clinical data management. To learn why more companies are adopting Vault EDC, visit veeva.com/WhySwitchtoVaultEDC.

What the industry is saying about Veeva Vault EDC

"At Boehringer Ingelheim, one key strategic imperative is to own both clinical and operational data," said Uli Broedl, senior vice president and global head, clinical development and operations at Boehringer Ingelheim. "By bringing together data and processes across clinical and related functions on a single cloud platform, we look to establish a connected technology landscape for agile collaboration that can accelerate the development of innovative medicines."

"Veeva Vault EDC delivers a better user experience for sites, streamlining critical processes so we can focus on patient care," said Dr. Viviënne van de Walle, principal investigator, medical director at PT&R. "With Vault EDC, sponsors generate documents upon closing the trial and seamlessly share with site staff to accept and acknowledge, accelerating study close-out."

"Using Veeva Vault EDC, we now complete user acceptance testing in nearly half the time," said Paula Bain, president, clinical development services at Syneos Health. "With faster and more efficient data management processes, we are advancing our operations to move from data checks to data science."

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 October 31, 2023, which you can find here (a summary of risks which may impact our business can be found on pages 38 and 39), and in our subsequent SEC filings, which you can access at sec.gov.

Contact:
Deivis Mercado Veeva Systems 925-226-8821 deivis.mercado@veeva.com

 

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SOURCE Veeva Systems

How many study starts has Veeva Vault EDC powered?

Veeva Vault EDC powered over 1,000 study starts.

How many of the top 20 biopharmas have standardized on Vault EDC?

Eight of the top 20 biopharmas have standardized on Vault EDC.

What are the benefits of using Vault EDC for clinical data management?

Companies are experiencing a 50% reduction in effort and 50% faster execution with Vault EDC, advancing clinical data management.

What does Veeva Vault Clinical Data Management combine?

Veeva Vault Clinical Data Management combines EDC and Veeva Clinical Database for next-generation clinical data management.