CRO inVentiv Health is dumping out its own trial document storage system and replacing it with Veeva Systems' ($VEEV) cloud-based platform, a move the eClinical provider touts as a major affirmation of its technology.
Under the agreement, inVentiv will make use of Veeva Vault eTMF, an all-encompassing content management system for trial-related documents that allows for secure sharing between sponsors, sites and CROs, the company said. The idea is to pool all of a trial's relevant documentation in one place to allow on-the-fly inspections by sponsors or regulators, according to Veeva, ideally speeding the path to submission and approval.
InVentiv is the latest among big-name organizations to adopt Veeva's take on data management, following drugmakers including Teva ($TEVA), Takeda and Bayer, plus service providers like Medidata ($MDSO) and Pharma Start.
"With Vault eTMF, we believe we can provide sponsors with transparency of trial data and enable a richer, more collaborative partnership for improved trial results, including faster time to market," inVentiv COO Gregg Dearhammer said in a statement. "It's another example of inVentiv delivering innovative global solutions intended to support the development and commercial objectives of our clients."
Since pulling off a nearly $200 million IPO last year, the California eClinical outfit has been steadily growing its share of the market. Last quarter, Veeva's total revenue leapt 53% to $75.7 million, while subscription sales increased 66% to $56.6 million. And there's plenty of room for growth: According to a company-conducted survey, the majority of CROs still use hard-to-track, insecure methods like email and paper to exchange clinical trial documents.
As for inVentiv, the CRO conglomerate has been steadily expanding its offerings over the past few years. The company praises itself for playing a role in either the development or commercialization of 60% of all drugs approved by the FDA over the last 5 years. The sprawling company has offerings spanning all phases of clinical development, along with legal, regulatory and policy work, among other services.
- read the statement