Veeva Systems Inc. VEEV is forging ahead with the rollout plans of its advanced business solutions, which will help it to gain market traction. The company introduced two new solutions at the European Commercial Summit, which took place between Dec 2 and Dec 4, 2015.
Veeva announced the launch of Veeva KOL Data, which is a global enterprise solution, designed to remove information silos (lack of communication between information management systems). The solution will offer a sole, comprehensive source of key stakeholder information to identify key opinion leader (KOL) in a well-organized manner.
The solution is integrated with Veeva CRM, resulting in efficient delivery of in-depth Veeva KOL Data profiles to medical science liaisons (MSL), which help simplify meeting preparation and personalized KOL engagement. Notably, Veeva KOL Data is available as a subscription service.
In conjunction with the Veeva KOL Data solution, the company launched a cloud-based solution – Veeva Medical CRM – aimed to improve the visibility of key opinion KOL and facilitate better engagement.
According to a study conducted by MSL Insights, the number of MSL is expected to grow worldwide by 20% over the next two years. In such a scenario, the launch of these solutions is definitely going to rake in better business for Veeva.
Meanwhile, Veeva’s CRM platform continues to experience healthy growth and the non-CRM products are also starting to contribute to the overall business.
The rollout of new customer friendly products is also going to substantially improve the top line. In the recently reported third quarter of fiscal 2016, total revenue surged 27.6% on a year-over-year basis to $106.9 million, on the back of impressive growth in subscription revenues (up 33%).
Moreover, Veeva forecasts subscription revenue growth of about 20% from multi-channel CRM products and more than 100% from non-CRM products for the entire fiscal.
Zacks Rank & Stocks to Consider
Currently, Veeva carries a Zacks Rank #3 (Hold). Better-ranked stocks in the medical sector are Masimo MASI, Natus Medical BABY and Olympus Corp OCPNY. All the stocks sport a Zacks Rank #1 (Strong Buy).
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