Veeva Unveils a New Approach to Customer Reference Data that's Open, Easy, and Global
Ecosystem of Veeva OpenKey Partners Align to Make Using Customer Data Seamless and Cost-Effective
PLEASANTON, CA, & BARCELONA, SPAIN – March 24, 2015 – On opening day of eyeforpharma Barcelona 2015, Veeva Systems (NYSE: VEEV) announced Veeva OpenKey, a new approach to customer reference data for the life sciences industry. Veeva OpenKey builds on Veeva's growing presence in the data business with a bold vision to provide customer data for all healthcare professionals (HCP), healthcare organizations (HCO), and affiliations across life sciences' major markets—and to do so with consistent standards for quality and service.
Veeva also announced the Veeva OpenKey Partner Program, which establishes a partner ecosystem designed to make it easy for life sciences companies to access and maximize their customer data. Today, companies' ability to fully leverage the customer data they purchase is hampered by restrictive vendor contracts that limit usage and access. With data access agreements and partnerships in place with other third-party providers, Veeva OpenKey eliminates those complications.
"Veeva is dedicated to solving the customer data challenges for life sciences organizations, with a customer-first approach to quality and service," said Tim Slevin, senior vice president of Veeva's global data solutions business. "This starts with freeing companies of the constraints preventing them from reaping the full benefits of their customer data and our commitment to deliver an offering that provides truly global support."
Survey Reveals Need for Data That is Open, Easy, and Global
Currently, 83 percent of life sciences executives surveyed report the quality of their customer data is a significant challenge, according to preliminary results of the Veeva 2015 European Life Sciences Industry Survey on Customer Data.i More than one in four say they are dissatisfied with the service they receive from their current data provider, and just 12 percent say incumbent providers have innovated to deliver high-quality data solutions.ii
Veeva OpenKey will provide a faster, more responsive service with a consistently high standard for quality across regions. Veeva OpenKey will make it easy for companies to use the data they need—wherever, whenever, and however they need it, without the burdensome contractual restrictions that exist in the customer data market today. And its fair, simple pricing is free of complicated conditions or surprises.
In the face of changing regulations and more stringent reporting requirements, the need for consistent, cross-border customer data has never been more acute. Less than a year away from the January 2016 European Federation of Pharmaceutical Industries and Associations' (EFPIA) payment disclosure deadline, only 39 percent of companies surveyed definitively report that their customer data allows them to accurately track or aggregate spend at the HCP level.iii And only 29 percent have data that fully allows them to manage HCP engagement activity across regional or country borders.iv
To eliminate the burden of managing multiple data feeds and duplication of HCP and HCO records across European markets Veeva OpenKey Customer Data will be sourced locally and consolidated into a single global reference database.
"Life sciences companies struggle to maintain timely, complete customer data across their internal systems, resulting in significant compliance and customer engagement challenges," said Eric Newmark, program director, Business Systems Strategies for IDC Health Insights. "Much of the challenge stems from their inability to integrate and fully utilize the data they purchase today. More open access to quality data and partner ecosystems that work together to ensure access is seamless for customers is something the industry desperately needs."
"We are proud to partner with Veeva as they continue their journey towards a vision of providing the most comprehensive data and service solutions for the life sciences industry," said Robert Bryant, Partner at Deloitte. "We have worked with Veeva on early Veeva OpenKey customers and have been impressed with the solution and vision."
About Veeva OpenKey
Central to the Veeva OpenKey data and services offerings is Veeva OpenKey Customer Data, which includes records for millions of HCP, HCO, and affiliations. Customer records are continuously updated from authoritative industry sources for the best, most timely information, including digital profile data crucial to today's multichannel engagement. The highest standards of quality and completeness are ensured through rigorous, automated, and steward-led validation. Veeva also provides a range of data maintenance services including cleansing, enhancement, and validation.
To help the industry realize greater value from customer data, a large and growing contingent of organizations have already become Veeva OpenKey partners, including Axtria, BMI SYSTEM, Crossix Solutions, Decision Resources Group, LiquidHub, OpenQ, Symphony Health Solutions, Qlik, and Zephyr Health.
Veeva OpenKey Customer Data and services are currently available in Australia, China, the United Kingdom, and the United States. Availability for other major European countries is expected in 2015, with other regions to follow in 2016.
About Veeva Systems
Veeva Systems Inc. is a leader in cloud-based software for the global life sciences industry. Committed to innovation, product excellence, and customer success, Veeva has more than 275 customers, ranging from the world's largest pharmaceutical companies to emerging biotechs. Veeva is headquartered in the San Francisco Bay Area, with offices in Europe, Asia, and Latin America. For more information, visit www.veeva.com.
This release contains forward-looking statements, including the market demand for and acceptance of the Veeva OpenKey data products and related services, plans for expanding the geographic coverage of the Veeva OpenKey data products and related services, the results from use of the Veeva OpenKey data products and related services, and general business conditions, particularly in the life sciences industry. Any forward-looking statements contained in this press release are based upon Veeva's historical performance and its current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent Veeva's expectations as of the date of this press announcement. Subsequent events may cause these expectations to change, and Veeva disclaims any obligation to update the forward-looking statements in the future. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially. Additional risks and uncertainties that could affect Veeva's financial results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," in the company's filing on Form 10-Q for the period ended October 31, 2014, which is available on the company's web site at www.veeva.com under the Investors section and on the SEC's website at www.sec.gov. Further information on potential risks that could affect actual results will be included in other filings Veeva makes with the SEC from time to time.
iVeeva Systems, "European Life Sciences Industry Survey on Customer Data, Summary of Preliminary Results," March 2015. http://www.veeva.com/resources/european-life-sciences-customer-data-survey/
Veeva Systems Inc.