Veeva launches product-specific cloud-based data management system

By Staff Reporter

- Last updated on GMT

iStock/Frank Peters
iStock/Frank Peters

Related tags: Bristol-myers squibb

Veeva Systems has expanded its cloud-based software offering with a system that allows drug firms to manage product specific data.

The new - called the Veeva Network Product Master – holds a range of different product information - brand information, trade names, groupings and country-specific configurations – that can be accessed online.

The idea is to allow pharmaceutical companies to “manage, use, and access accurate product information across geographies​” according to Veeva, which cited the ability to more accurately predict a drug’s performance as one advantage of the system.

Harte Nielson, director of Veeva Network Strategy at Veeva, said it “provides a better approach to managing product data and establishing consistency in global branding, product launches, and competitive analysis​.”

He added that:  “Life sciences can move beyond spreadsheets and legacy MDM systems with a trusted product master reference to scale go-to-market programs globally and streamline local execution in every country​.”

The new software is designed to be used in conjunction with Veeva customer data management technology as part of the cloud-based software firm’s wider information services offering.

Veeva’s customers include both contractors like inVentiv​, which signed up to provide its customers with access to Veeva’s eTMF technology, and drug firms such as Bristol-Myers Squibb​, which asked the firm to to manage its regulatory submissions archive in March.

Veeva predicted that revenue for fiscal 2016 will be between $404m and $406m, which is a significant increase on the $313.2m it generated in fiscal 2015. It also predicted operating income of around $109m up from $40.4m.

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