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Veeva (VEEV) Application Completes Consent for First Patient

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Veeva Systems Inc. VEEV recently 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 by the Crofoot Research Center.

For investors’ notice, Veeva eConsent is the first validated application for sites and patients that converts the consent process from manual and paper-based to an end-to-end digital experience.

With this latest development, Veeva is likely to strengthen its portfolio of cloud-based offerings.

More on the Development

Patients can review documents and protocols plus provide consent via mobile phone, thereby simplifying the experience for both patients and sites.

Veeva eConsent is equipped to make the process convenient for patients and facilitate the removal of the barriers of paper and location, thus broadening the scope of the study.

COVID-19 expedited the industry’s shift to digital solutions that allow decentralized trials and keep studies on track, accelerate study initiations and enhance trial execution.

Veeva eConsent enables this transformation through digital consent document creation, approval and exchange. Sites can utilize the application for trials across sponsors and automate the flow of consent documents to the investigator site file (ISF) for bettered collaboration and speed .Veeva eConsent helps sponsors get a real-time view of the patient consent status, date and version. It also assists site staff to monitor and gain remote access to trial information. Lessening the time spent on administrative tasks enhances site and patient engagement throughout a study.

Notable Developments

Veeva continues to boost cloud-based offerings by deploying its expertise to several businesses.

In February 2021, Veeva inked a deal with Impel NeuroPharma to accelerate pre-launch preparation for Impel’s migraine treatment INP104. Notably, INP104 is FDA-approved and will be marketed under the trade name TRUDHESA. Impel will leverage Veeva's software, data and consulting to accelerate pre-launch planning and digital-first commercial execution for migraine treatment.

In December 2020, Veeva announced that Samsung Biologics deployed Veeva Vault Quality Management Software to simplify quality management on a singular cloud platform. This, in turn, will enhance visibility across the latter’s global processes.

Industry Prospects

Per a Grand View Research report, the global cloud computing market size was valued at $266 billion in 2019 and is expected to see a CAGR of 14.9% by 2027. Growing digital transformation among industries, increase in penetration of Internet and mobile devices globally, and consumption of big data are the primary factors driving this market. Hence this development comes at an ideal time for Veeva.

Price Performance

Shares of the company have gained 75.7% in a year’s time compared with the industry’s growth of 146.7%.

Zacks Rank and Other Key Picks

Currently, Veeva carries a Zacks Rank #2 (Buy). Some other top-ranked stocks from the broader medical space are Align Technology ALGN, Abbott Laboratories ABT and Hologic HOLX. While Align Technology currently sports a Zacks Rank #1 (Strong Buy), the other two presently carry a Zacks Rank of 2 . You can see the complete list of today’s Zacks #1Rank (Strong Buy) stocks here.

Align Technology has a projected long-term earnings growth rate of 19%.

Abbott has a projected long-term earnings growth rate of 14.1%.

Hologic has an estimated long-term earnings growth rate of 15.4%.

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