Yahoo Finance Veeva Systems' (VEEV) Vault EDC to Boost Tigermed's Workflow
Veeva Systems Inc. VEEV recently announced that Hangzhou Tigermed Consulting Co., Ltd. (Tigermed) has selected Veeva Vault EDC as its technology foundation for modern electronic data capture (EDC). With Vault EDC, Tigermed expects to simplify complex data management for faster study builds and mid-study amendments with zero downtime.
The latest adoption of Veeva Vault EDC, part of the Veeva Clinical Platform, is likely to provide a boost to the Veeva Development Cloud business.
Significance of the Adoption
Per Veeva Systems, EDC currently plays an important role in today's clinical trials. Tigermed's adoption of Vault EDC will likely help it in managing the increasing complexity of trials more efficiently while improving data quality and study execution. The improvements are expected to significantly advance Tigermed's clinical data management for the benefit of its customers and the industry.
Veeva Systems’ management believes that with Veeva Vault EDC, Tigermed would be able to deliver more efficient data management services, including higher data quality, lower costs and a better user experience for research sites. This, in turn, will likely aid in accelerating the development and launch of new drugs to improve patient health.
Per Tigermed’s management, in recent times, rapid progress has been made in the digitization of clinical trials, particularly in EDC. The adoption of Veeva Vault EDC is expected to help the company consistently deliver the best experience to its clients worldwide.
Industry Prospects
Per a report by Introspective Market Research, the global clinical data management system market is expected to grow from $2.3 billion in 2022 to $5.42 billion by 2030 at a CAGR of 11.3%. Factors like the rising number of clinical trials and the integration with other healthcare technologies are expected to drive the market.
Given the market potential, the latest product adoption is expected to boost Veeva Systems’ business globally.
Notable Developments
Last month, Veeva Systems announced its first-quarter fiscal 2025 results, wherein management confirmed that three top 20 biopharmas had selected multiple Veeva Development Cloud Applications during the quarter.
The same month, Veeva Systems announced the availability of Veeva Vault Basics, a new offering that includes technology, training and support designed for biotechs. Vault Basics is presently available for North America and includes Vault eTMF Basics, Vault QualityDocs and Training Basics and Vault Submissions and Submissions Archive Basics.
In April, Veeva Systems announced the Veeva AI Partner Program, which is set to provide partners with the advanced technology and support needed to integrate Generative AI solutions seamlessly with Veeva Vault applications.
Price Performance
Shares of the company have lost 3.2% in the past year against the industry’s 32.8% rise and the S&P 500's 23.2% growth.
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Zacks Rank & Key Picks
Currently, Veeva Systems carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are DaVita Inc. DVA, Boston Scientific Corporation BSX and Ecolab Inc. ECL.
DaVita, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 13.6%. DVA’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 29.4%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
DaVita’s shares have gained 44% compared with the industry’s 20.4% rise in the past year.
Boston Scientific, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 12.5%. BSX’s earnings surpassed estimates in each of the trailing four quarters, with the average being 7.5%.
Boston Scientific has gained 50.4% compared with the industry’s 4.9% rise in the past year.
Ecolab, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 14.3%. ECL’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 1.3%.
Ecolab’s shares have rallied 32.7% against the industry’s 10.8% decline in the past year.
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