Veeva Systems Inc. (NYSE:VEEV) has revealed that its Veeva Vault EDC has facilitated over 1,000 study launches, indicating a growing acceptance of Vault EDC in the industry. This surge in adoption signifies the establishment of a contemporary electronic data capture (EDC) foundation for numerous companies. Notably, eight biopharmaceutical firms and two contract research organizations (CROs) have chosen to standardize Vault EDC.
As an integral component of Veeva Vault Clinical Data Management, Vault EDC combines EDC with Veeva Clinical Database, offering advanced capabilities for clinical data management.
The recent milestone achieved by Veeva Vault EDC is anticipated to invigorate the Veeva Vault Clinical Data Management division.
Significance of Adoption
The escalation in Vault EDC adoption highlights the ongoing transition towards sophisticated clinical data management. According to the company, a prominent biopharmaceutical company recently transferred 25 studies to Vault EDC, while more organizations are embracing Vault EDC for enhanced efficiency and speed.
Management suggests that Vault EDC is poised to simplify intricate data management processes, leading to expedited study setup and streamlined operations. Consequently, research sites, sponsors, and CROs have experienced a notable reduction in effort (50%) and accelerated execution (50%) with Vault EDC.
According to PT&R’s management, Vault EDC enhances the user experience for research sites, streamlining crucial processes to prioritize patient care. Furthermore, sponsors can swiftly generate documents upon trial completion and seamlessly share them with site staff for acknowledgment, thereby expediting study close-out.
Industry Outlook
A report by Introspective Market Research forecasts that the global clinical data management system market will expand from $2.3 billion in 2022 to $5.42 billion by 2030, with a compound annual growth rate (CAGR) of 11.3%. Factors such as the increasing number of clinical trials and integration with other healthcare technologies are expected to fuel market growth.
Given the promising market prospects, the recent product adoption is likely to enhance Veeva Systems’ global business footprint.
Noteworthy Developments
In the preceding month, Veeva Systems disclosed its fourth-quarter fiscal 2024 results, reporting an upswing in both overall revenue and adjusted earnings per share. Both segments exhibited robust performances during the period.
Additionally, Veeva Systems announced that Boehringer Ingelheim had chosen Veeva Vault Clinical and Veeva Vault RIM applications as the technological backbone for clinical and regulatory management within its animal health business unit.
Price Performance
Over the past year, the company’s shares have appreciated by 29.2%, compared to the industry’s 66.4% surge and the S&P 500’s 31.4% growth.
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