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Veeva Systems Inc. VEEV recently inked a deal with Parexel to advance clinical trials via technology and process innovation. This strategic collaboration brings together the best of each company’s expertise throughout thousands of studies globally.
Notably, Parexel is a leading clinical research organization that offers services aiding life sciences and biopharmaceutical clients everywhere in transforming scientific discoveries into new treatments.
With this collaboration, Veeva Systems is not only lending support to industry collaborations in life sciences, but also boosting its product portfolio.
More on the Collaboration
Per the deal, Parexel is standardizing on Veeva Systems’ portfolio of clinical operations applications such as Veeva Vault (electronic trial master file) and Veeva Vault clinical trial management system, to name a few, for simplifying operations. In fact, Parexel will provide customers with Veeva Vault clinical data management suite as a standard offering.
On the back of insights from sponsors, sites and patients, the partnership will enable the companies to consistently enhance Veeva Systems’ cloud technology and Parexel’s processes with respect to delivery of clinical trials.
The collaboration will enable Veeva Systems to accelerate innovations in clinical research and boost customer success.
Per a report by Grand View Research, the global clinical trials market is projected to reach $69.5 billion by 2028, witnessing a CAGR of 5.7% during the forecast period (2021-2028). Hence, this collaboration comes at an ideal time for Veeva Systems.
In March, Veeva Systems announced a major development for Veeva eConsent, a MyVeeva for Patients application developed on Veeva Clinical Network. The company had its first patient complete an electronic consent for an early phase clinical trial at the Crofoot Research Center.
In February, the company inked a deal with Impel NeuroPharma to accelerate pre-launch preparation for Impel’s migraine treatment INP104, which has been accepted for review by the FDA and will be marketed under the trade name TRUDHESA, once approved.
Shares of this Zacks Rank #1 (Strong Buy) company have lost 0.6% on a year-to-date basis compared with the industry’s 6.1% decline.
Other Stocks to Consider
Other top-ranked stocks from the broader medical space include AmerisourceBergen Corporation ABC, DENTSPLY SIRONA Inc. XRAY and Cantel Medical Corp. CMD, each currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
AmerisourceBergen’s long-term earnings growth rate is expected at 11.4%.
DENTSPLY SIRONA’s long-term earnings growth rate is estimated at 20%.
Cantel Medical’s long-term earnings growth rate is estimated at 19%.
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