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Veeva (VEEV) Vault QMS Gets Picked by Samsung Biologics

Veeva Systems, Inc VEEV recently announced that Samsung Biologics has deployed Veeva Vault Quality Management Software (QMS) to simplify its quality management on a singular cloud platform. Notably, Samsung Biologics is a leading global contract development and manufacturing organization (CDMO).

This is likely to expand the reach of Veeva Systems’ portfolio of cloud-based offerings within the life sciences industry.

More on the Development

The integration of Vault QMS builds upon the company’s success with Veeva Vault QualityDocs for more proficient document control and management. As part of the Veeva Vault Quality Suite, Samsung Biologics is driving quality process and content management for enhanced visibility across its global processes.

Backed by an advanced technology foundation, the company will be able to offer value-added services that help its customers stay ahead of the evolving business and regulatory requirements.

Vault QMS is an advanced cloud application that combines quality management seamlessly with Samsung Biologics’ internal organization, pharmaceutical and biotech customers, contract manufacturers and suppliers into one quality process. This enables Samsung Biologics better merge its global processes for improved visibility and compliance throughout the product lifecycle.

Recent Developments

In December 2020, Veeva Systems announced that the contract research organization (CRO) GenesisCare Clinical CRO implemented Veeva Vault (electronic trial master file) (eTMF), Veeva Vault clinical trial management system (CTMS) and Veeva Vault Payments to drive efficiency in trial processes across the world.Veeva clinical applications will aid GenesisCare Clinical CRO to streamline its trials and expedite execution of the same as the latter manages an increasing number of studies.

Also, the company recently announced that Simbec-Orion is adopting Veeva Vault CTMS and Veeva Vault eTMF to digitize end-to-end clinical trial data, workflows and documents. Notably, Simbec-Orion is a full-service CRO, specializing in the fields of clinical pharmacology, oncology and rare diseases. Veeva clinical solutions will offer Simbec-Orion real-time insights into studies in phases to accelerate trial execution.

Market Prospects

Per a Grand View Research report, the global cloud computing market was valued at $266 billion in 2019 and is anticipated to see a CAGR of 14.9% between 2020 and 2027. Hence, this development is well-timed for Veeva Systems.

Price Performance

Over the past year, shares of this currently Zacks Rank #3 (Hold) company have soared 79.3% compared with the industry’s rally of 103.9%.

Key Picks

Some better-ranked stocks from the broader medical space are Align Technology ALGN, DaVita Inc DVA and Thermo Fisher Scientific TMO, each presently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Align Technology has a projected long-term earnings growth rate of 18.3%.

DaVita has a projected long-term earnings growth rate of 18.3%.

Thermo Fisher has an estimated long-term earnings growth rate of 18%.

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