Veeva Systems VEEV recently launched Veeva KOL Data & Services at the ExL Pharma Medical Affairs Strategic Summit. The latest offering from Veeva is expected to help life sciences companies gain a better understanding of their various stakeholders.
Veeva KOL Data & Services solution will deliver in-depth profiles of all relevant key opinion leaders (KOLs) and targeted engagement plans, which in turn will pave the way for a successful and hassle-free product launch.
During the initial phases of drug development, pharmaceutical companies often hire KOLs in order to provide advocacy activity and important marketing feedback. These KOLS are usually held in high esteem and possess the ability to influence their peers' medical practices.
KOL database, segmentation and network visualization expertise of the recently acquired Qforma CrowdLink has helped Veeva develop the new solution. Qforma Crowdlink, which is now a part of Veeva, is specialized in KOL data, analysis, and engagement planning.
Reportedly, two thirds of all pharmaceutical product launches fail to meet sales forecasts due to different problems such as global market access constraints, escalating regulatory pressure, and a swiftly changing provider landscape.
In such a scenario, building credible relationships with stakeholders is a very important step to ensure successful product rollouts. Veeva KOL Data & Services is expected to provide all the information necessary to build a good relationship with multiple stakeholders.
Veeva’s latest solution will aid launch teams to identify the ideal KOLs around the globe. Detailed KOL profiles will help establish a highly addressed engagement plan in each therapeutic area.
Veeva also recently launched Veeva OpenKey – which looks to provide customer data for all healthcare professionals (HCP), healthcare organizations (HCO), and affiliations across life sciences’ major markets. The company also announced the OpenKey Partner Program, which looks to forge collaborations with major life sciences companies.
We believe the recent launches will help the company to gain significant market traction, primarily on the back of contract wins. Notably, Veeva was selected by GlaxoSmithKline GSK as the latter’s multichannel Customer Relationship Management (CRM) partner.
This strategic partnership is expected to position Veeva as one of the leading providers of cloud-based CRM solutions for life sciences and pharmaceutical companies.
Zacks Rank
Currently, Veeva has a Zacks Rank #2 (Buy). Other top-ranked stocks in the medical sector are LeMaitre Vascular LMAT and SurModics SRDX. Both the stocks sport a Zacks Rank #1 (Strong Buy).
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