Veeva Systems Launches Customer Master Solution; Announces IPO
By Mia Burns (firstname.lastname@example.org)
A new customer master solution and the pricing of an initial public offering are two weighty and recent announcements from Veeva Systems. Company executives announced a complete cloud-based solution during Digital Pharma East in Philadelphia. The Veeva Network is the first cloud-based solution to combine healthcare professional, healthcare organization, and affiliations data with a customer master application, data stewardship services, and is fully integrated with Veeva CRM. As for the IPO, the company has announced the pricing of 13,045,000 shares of its Class A common stock at a price to the public of $20.00 per share. Veeva is offering a total of 9,720,000 shares, and a total of 3,325,000 shares are being offered by certain selling stockholders. Veeva will not receive any proceeds from the sale of shares by the selling stockholders.
“Veeva initiated the IPO process for two main reasons,” says Veeva President and co-founder Matt Wallach. “First, as we become a significant business partner to major life sciences companies, we wanted to provide additional transparency and governance for our customers. Second, we wanted the financial flexibility to grow the business as new opportunities emerge.”
Wallach also told Med Ad News Daily, “As a public company, we will stay laser focused on making each and every one of our customers successful with our industry cloud solutions. Such customer success is what put is in a position to have an IPO and it is what will make our company tick in the future.”
Regarding the Veeva Network, the company claims that the solution has already gained traction among life sciences leaders ranging from top ten pharmaceutical to emerging biotech companies as demonstrated by their participation in the Veeva Network early adopter program. Eli Lilly and Company, Accera Inc., and Dyax Corp. are among the early adopters of the solution. Veeva Network is planned for general U.S. availability in late October, with other markets to follow, and is currently available to select customers in the Veeva Network early adopter program. Millions of healthcare professional and healthcare organization profiles are continuously updated and instantly accessible to network customers.
Veeva Network enables life sciences companies to replace multiple, disparate customer data sources and systems to help reduce costs, improve efficiency, and provide a single view of the customer. In addition, the network allows life sciences companies gain access to one of the most comprehensive sources of customer data available in the industry, helping them increase sales and marketing effectiveness and strengthen compliance.
“Since we are still early in the implementation phase, Veeva Network is not having an impact on our operational efficiency yet,” Ian Elverson, senior IT manager for Accera told Med Ad News Daily. “However, we anticipate a tremendous amount of time will be saved in two key areas. First, we will no longer need to spend countless hours researching and dealing with potential duplicate records and changed addresses. Second, we will be able to more efficiently combine our many data sets. This can be a real challenge as not all data sets contain the same identifier or have universal coverage for a particular identifier.”
Andrew Sheely, director of IT for Dyax Corp. told Med Ad News Daily, “We are not live yet with Veeva Network, but we have our first project lined up for Network. We are preparing for a project to target specific physicians based on market data that we purchased. These projects have traditionally required multiple resources from the IT and commercial operations departments to scrub, match, and import into our CRM system. This is both time-consuming and prone to error. With Veeva Network, we will be able to import that data easily by matching on the unique identifiers and license numbers that Veeva provides. This will deliver the necessary information to the field much faster and free up our internal resources to provide more value added services to the organization.”
Although Accera and Dyax are still in the beginning stages with the Veeva Network, Elverson and Sheely both told Med Ad News Daily that their participation within the early adoption program is advantageous. “We are part of the early adopters program,” Elverson says. “The biggest selfish benefit of being an early adopter is that you get a sizable influence on how the offering can best fit your needs. Prior to Veeva Network, we didn’t have an MDM solution in place, so being part of this program has allowed us to begin to redesign our internal data processing with the full understanding of how Veeva Network is taking shape.”
According to Sheely, “Our feedback and input is helping to steer the development and roadmap for the product. Being early adopters, we have the unique opportunity to work with the development team to craft a solution that helps solve some of our more complex business problems. We will be among the first to reap the benefits of Veeva Network.”
“Veeva Network addresses the customer master problem in a completely new way,” said Dan Goldsmith, general manager of Veeva Network. “Not only do life sciences companies now have a unified solution, but they also harness the powerful ‘network effect’ of our true multitenant cloud. As users from across Veeva’s customer base update information, those updates are verified and become part of the master data repository, benefiting everyone.”
“To steal a phrase from Veeva’s Dan Goldsmith, the pharma industry needs to stop thinking of the phone book as a competitive edge,” Elverson told Med Ad News Daily. “Names and addresses of healthcare professionals are public information. Phone numbers and email addresses are a bit harder to get, but still don’t represent secret information. We have to accept the fact that everyone has access to this information in some way, and once companies finally do accept this fact, they can redirect their resources to collect higher value information about the healthcare professionals. Initially, the core information will be used at Accera to clean up and extend our healthcare professional information. This will help us in three ways: It will make our field reps more productive by removing duplicate healthcare professional records and giving us the most up to date addresses for the healthcare professionals; the phone numbers will save our inside sales team from having to research phone numbers; and, last but not least, our marketing team can leverage the email addresses for more efficient, non-personal promotion campaigns.”
Sheely says that the time spent in the collection and upkeep of core information can lead to inefficiency. “The amount of time and resources that our industry spends on obtaining and maintaining core information such as addresses and phone numbers makes us collectively very inefficient,” he told Med Ad News Daily. “With Veeva becoming the authoritative source for this information, our sales force can focus on delivering their messages to healthcare professionals and healthcare organizations rather than shouldering the burden of data management.”
Posted: October 2013