Veeva - Pirating The Seas of the Life Sciences Industry

Preface

Nearly all clients are seeking greater prosperity in 2024.

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• Automating tasks (RPA) to streamline efficiencies
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Veeva's Ascendancy: From Salesforce Ally to CTMS Kingpin

The Life Sciences industry, once a labyrinth of paper trails and fragmented data, was ripe for disruption. Enter Veeva, a company founded in 2007 that mirrored the rise of Salesforce in the CRM space. In fact, the two companies were once partners, with Veeva's Vault platform initially built on the Salesforce infrastructure. This strategic alliance offered a powerful combination: Salesforce's established CRM dominance and Veeva's innovative, cloud based CTMS solution.

From Partner to Competitor: A Tale of Two Clouds

This partnership, however, wouldn't last forever. Just as Salesforce had conquered the broader CRM market, Veeva began to steal the show in Life Sciences CRM deals. Their cloud-based Vault platform offered a more specialized and efficient solution for pharmaceutical and biotech companies compared to Salesforce's broader CRM offerings. This success brewed a subtle competition, ultimately leading to a strategic divergence.

Building a Cloud Empire: The Dissolution of the Partnership

Veeva, sensing the limitations of relying on another platform, made a bold move. They began migrating their entire suite, including Vault Clinical, away from Salesforce and onto their own proprietary cloud infrastructure. This decision allowed Veeva complete control over their platform's development and ensured a seamless integration across all their solutions. It was a gamble, but one that paid off handsomely.

Financial Powerhouse and Proprietary Cloud

Veeva's success is mirrored in its financial performance. Remaining private, the company boasts a robust revenue stream and healthy profit margins. This financial strength fuels continuous investment in research and development, allowing them to stay ahead of the curve technologically.

Maintaining the Lead: Innovation and User Focus

Veeva hasn't become complacent. They constantly innovate, adding new features and functionalities to their platform. Additionally, their focus on user-friendliness and a commitment to industry best practices keeps them a preferred choice for Life Sciences companies. While competitors like Salesforce, Oracle, and Medidata (among others) offer strong CTMS solutions, Veeva's comprehensive suite, proprietary cloud infrastructure, and dedication to innovation have allowed them to maintain their dominant position in the Life Sciences CTMS market. Indeed, they are sailing through the life sciences industry, capturing market share, and extolling high fees with near impunity. Some might even say pirating. Did someone say pirates!?

Avast, Mateys! Navigating the Veeva Seas of the Life Sciences Industry

Veeva now be a powerful kraken in the life sciences industry, its tentacles reaching into every corner of clinical trials and customer relations. While their software be a treasure trove of functionality, some landlubbers be cryin' foul, claimin' Veeva's become more like a swashbucklin' pirate hoardin' gold doubloons than a trusty first matey helpin' navigate the high seas of research!

Veeva's Tight Grip: Avast, Ye Landlubbers!

There be no denyin' the power of Veeva's cloud-based solutions. From trackin' yer clinical trials like a well-drawn treasure map to managnin' customer relations smoother than a pirate's grog, their beasties be powerful tools. However, some scallywags be whisperin' that this dominance has led to:

• High Costs: Compared to rival ships in the industry, Veeva's offerings can cost a hefty sum, enough to make a pirate think twice before stockin' up on cannonballs!
• Limited Negotiation: Veeva's "Fair Price Policy" sounds all righteous and above board, but some salty dogs be claimin' it's a barnacle-encrusted excuse to keep prices high. Customers be left feelin' like they're bein' forced to walk the plank!
• Profit Over Mateys: Veeva's hefty profit margins be makin' some folks feel like they care more about fillin' their own treasure chests than keepin' their customers happy. This be breedin' mutiny faster than a bad batch of hardtack!

Savin' Doubloons on the Veeva Seas

So, how can life science companies avoid gettin' plundered by these digital buccaneers? Here be some ways to navigate these treacherous waters:

Embrace Open-Source Solutions: While Veeva offers a bounty of tools, there be open-source alternatives out there that can fill specific needs without costin' an arm and a leg. Think of it like findin' a hidden cove full of treasure! (Jump to the Appendix-DIY at the end, and I will show you how to build your own poor man’s Veeva with (mostly) free open-source software solutions).

Open-source solutions can be a great way to plug specific gaps in your workflow without breakin' the bank. Here be some pro tips for smooth sailin':

• Identify Needs: Before settin' sail for open-source solutions, make a list of the specific functionalities you need. This will help ye find the perfect treasure without gettin' lost in a sea of options.
• Do Yer Research: Not all open-source solutions be created equal. Read reviews, check user communities, and make sure the solution is actively maintained before ye set anchor.
• Consider Integration: Ensure the open-source solution integrates smoothly with yer existing Veeva setup. The last thing ye want be a mismatch that creates more problems than it solves!

• Gather Intel: Research market rates for similar software and be prepared to present this information durin' negotiations. Knowledge be power!
• Focus on Value: Don't just argue about price. Highlight how Veeva's solutions can specifically benefit yer company and what value they bring to the table.
• Be Prepared to Walk Away: If Veeva won't budge on price, be prepared to walk away from the table. There be other fish in the sea, and sometimes a show of force is the only way to get a good deal.

Seek Out New Horizons: The sea be vast, and there be other ships offerin' similar features for a lower price. Set sail and explore what other marauders have to offer - there might be a hidden island of savings just waitin' to be discovered!

Don't be afraid to explore what other corsairs be offerin'. Here be some pro tips for findin' the perfect fit:

• Industry Focus: Look for picaroons who specialize in the life sciences industry. They'll have a better understandin' of yer specific needs and can offer solutions tailored to yer unique challenges.
• Scalability: Consider yer company's growth plans. Choose a sea wolf whose solutions can scale with ye as yer business expands.
• Customer Reviews: Read online reviews and talk to other companies in yer industry to get a sense of the freebooter.

Consolidate Yer Cannons: Take stock of yer resources and see which Veeva products be truly essential. Eliminatin' redundancies be like jettisonin' excess cargo - it lightens the load and saves ye doubloons!

Not all Veeva products be created equal, and there might be some yer company doesn't even need. Here be some pro tips for savin' doubloons by consolidatin':

• Audit Yer Usage: Carefully assess which Veeva products yer crew be utilizin' on a regular basis. Are there any that be rarely used or not used at all? These be the first to be jettisoned!
• Combine Features: Some Veeva products offer overlapping functionalities. See if ye can consolidate yer needs into fewer products to streamline costs.
• Negotiate Bundles: If ye decide to stick with multiple Veeva products, negotiate a bundle deal. This can often lead to significant savings compared to buyin' each product separately.

Chart Yer Own Course: If Veeva's pre-made solutions don't be exactly what yer lookin' for, consider buildin' yer own custom ship. It might require a hefty initial investment, but a well-built vessel can save ye a fortune in the long run, just like a well-crafted treasure map! 

Custom solutions can be a great way to get exactly the functionality ye need, but there be some considerations before settin' sail. Here be some pro tips for smooth sailin':

• Cost-Benefit Analysis: Weigh the upfront investment of a custom solution against the long-term cost savings it can bring. Make sure the doubloons saved outweigh the initial expenditure.
• Internal Expertise: Do ye have the in-house developers and technical crew to build and maintain a custom solution? If not, factor in the cost of hiring external help.
• Future Maintenance: Custom solutions require ongoing maintenance. Ensure ye have a plan to keep yer ship seaworthy and avoid costly repairs down the line.

Aye, There's the Rub!

Veeva's dominance be undeniable. But with a keen eye for value and a willingness to explore, life science companies can navigate these waters and keep their doubloons safe. Remember, a little ingenuity and a thirst for adventure can lead to smooth sailin' and bountiful rewards! So hoist the mainsail, me hearties, and navigate the Veeva seas with confidence!

Competitive Alternatives:

Getting precise market share information in these industry sub-segments is a bit tricky, and the numbers vary greatly depending on the source, so instead of trying to assess that, we will keep this a bit high level at this point. Here's the breakdown:

• Veeva's Dominance: Veeva holds a dominant position in the Life Sciences CRM and Cloud-based Clinical Trial Management (CTMS) space. While specific numbers are hard to find, they are widely considered the industry leader.
• Competitive Landscape: There are several strong competitors offering solutions that overlap with some or all of Veeva's offerings. Here are 5 of the top contenders:
  1.    Salesforce Health Cloud: A major player in CRM, Salesforce offers a specialized "Health Cloud" solution tailored to the life sciences industry. It might not be as comprehensive as Veeva in specific areas, but its focus on broader customer relationship management can be a good fit for some companies.
  2.    Oracle Health Sciences: Oracle offers a comprehensive suite of solutions for clinical trial management, regulatory affairs, and pharmacovigilance. While not strictly cloud-based like Veeva, their platform can be a strong competitor for companies looking for a robust on-premise or hybrid solution.
  3.    IQVIA (formerly QuintilesIMS): A major player in life sciences data and analytics, IQVIA offers solutions that overlap with Veeva's Vault platform for content management. They may not be a direct competitor in CRM or CTMS, but their expertise in data management makes them a consideration for some companies.
  4.    Medidata Solutions: A well-established provider of CTMS solutions, Medidata's platform, "Medidata Cloud," is a strong competitor to Veeva Vault Clinical. While Veeva might have an edge in market share, Medidata offers a powerful and user-friendly alternative.
  5.    Exeevo Omnipresence: A relative newcomer compared to the others, Exeevo offers a cloud-based CRM platform specifically designed for Life Sciences. While their market share is likely smaller than the established players, they are gaining traction as a user-friendly and cost-effective alternative.
  6.    Bonus! IconClinical (CTMS): A global provider of clinical trial services, IconClinical offers a CTMS platform that competes with Veeva Vault Clinical.

Finding the Right Fit

While market share can be an indicator of popularity, it's not the only factor to consider. The best solution for your company will depend on your specific needs, budget, and existing infrastructure. Consider factors like:

1. Specific needs: Do you need a comprehensive CRM, CTMS, or just specific functionalities?
2. Scalability: Can the solution grow with your company?
3. Integration: Does it integrate with your existing systems?
4. User-friendliness: Is it easy for your team to use?
5. Cost: Does it fit your budget? How does it compare to the market?

By carefully evaluating your needs and researching these and other potential competitors, you can find the most cost-effective solution that navigates the Veeva seas and helps your life science company reach its full potential.

Appendix: Unveiling Veeva Vault QMS - A Deep Dive and Industry Comparison

This appendix dives into Veeva Vault QMS, its capabilities, how it compares to competitors like Trackwise, and offers actionable recommendations for potential customers.

Veeva Vault QMS: Core Functionalities

Veeva Vault QMS boasts a robust suite of features designed to streamline quality management processes in the Life Sciences industry. Here's a breakdown of its core functionalities:

• Document Management: Manage electronic documents, including creation, approval workflows, version control, and electronic signatures.
• Change Control: Implement a structured process for managing changes to documents, procedures, and other quality system elements.
• Non-Conformance Reporting: Identify, track, and investigate quality deviations and non-conformances.
• Corrective and Preventive Actions (CAPA): Define, implement, and track corrective actions to address non-conformances and preventive actions to minimize future occurrences.
• Training Management: Manage employee training records, track completion status, and ensure personnel are qualified for their roles.
• Audit Management: Prepare for and conduct audits to ensure compliance with quality standards and regulations.

Veeva vs. The Competition: A QMS Smackdown

While Veeva is a major player, here's how their QMS offering stacks up against key competitors:

Actionable Recommendations for Potential Veeva Vault QMS Customers

Considering Veeva Vault QMS for your QMS needs? Here are some key recommendations:

• Identify Your Needs: Carefully assess your specific QMS requirements. Do you need advanced features like risk management or is core document management your primary focus?
• Evaluate Implementation Complexity: While Veeva promotes user-friendliness, consider your internal resources for implementation and ongoing support.
• Look Beyond Core QMS: Veeva Vault QMS integrates seamlessly with other Veeva modules. If you already use Veeva for other functionalities, this tight integration can be a significant advantage.
• Compare with Competitors: Don't limit yourself to Veeva. Research and compare offerings from Trackwise, OpenText, Arena, MasterControl, and others to find the best fit for your needs and budget.
• Request Demos and Free Trials: Take advantage of supplier-provided demos and free trials to experience Veeva Vault QMS firsthand and compare it with other options.

By following these recommendations, you can make an informed decision about whether Veeva Vault QMS is the right solution for your Life Sciences company's Quality Management System requirements. Remember, the best QMS choice depends on your specific needs, budget, and existing infrastructure.

Appendix-DIY

Ahoy, mateys! Feeling the pinch of Veeva's hefty price tag but still need to navigate the treacherous waters of clinical trials and customer relations? Fear not! We be settin' sail for a hidden cove filled with treasure - the concept of a "poor man's Veeva." This be a strategy where ye leverage the power of open-source solutions to build a customized suite of tools that can rival the functionality of Veeva, either for specific needs or potentially even the whole package! Open these hatches and batten down the knowledge as we explore the possibilities of buildin' yer own cost-effective alternative to the mighty Veeva!

While there isn't a single direct open-source equivalent to Veeva's comprehensive suite of tools, there are several open-source solutions that can address specific functionalities within the Life Sciences industry. Here's a breakdown of the Top 3 open-source alternatives to Veeva, focusing on specific areas:

• Electronic Data Capture (EDC): OpenClinica is a popular open-source EDC system. It allows researchers to capture and manage clinical trial data electronically (similar to Veeva Vault Clinical in this aspect). However, OpenClinica might not offer the same level of features or user-friendliness as Veeva's solution.
• Laboratory Information Management System (LIMS): While Veeva doesn't offer a dedicated LIMS solution, QBench is a powerful open-source alternative. It allows laboratories to manage samples, track workflows, and analyze data. This can be helpful for life science companies with in-house laboratory needs.
• Customer Relationship Management (CRM): While not strictly open-source, Odoo is a free and open-core CRM solution that can be customized for the Life Sciences industry. It won't offer the same level of specialization as Veeva CRM, but for companies with basic CRM needs, it can be a cost-effective option.

Important Considerations:

• Functionality: Open-source solutions might not offer the same breadth of features or functionality as commercial platforms like Veeva.
• Implementation and Support: Implementing and maintaining open-source solutions can require in-house technical expertise or hiring external consultants, which can add costs.
• Customization: Open-source solutions offer greater customization compared to commercial platforms, but this also requires additional development effort.

The Best Approach:

The best approach might be a hybrid one. Consider using open-source solutions for specific functionalities where they excel and complement them with commercial solutions from Veeva or other suppliers to fill the gaps. This can help you achieve a cost-effective and customized solution that meets your specific needs.

Additional Tips:

• Carefully evaluate your specific needs before choosing any open-source solution.
• Research the user community and support options available for the chosen open-source platform.
• Factor in the potential costs of implementation, maintenance, and customization when considering open-source alternatives.

Call to Action

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About the Author

Steven C. Zolman is a leading expert in technology investment optimization and the founder, owner, and executive chairman of NET(net), Inc., the world's leading technology investment optimization firm. With over 30 years of industry experience, Mr. Zolman has helped client organizations of all sizes maximize the value of their technology investments by minimizing cost and risk and maximizing the realization of value and benefit.

About NET(net)

Founded in 2002, NET(net) is the world’s leading IT Investment Optimization firm, helping clients find, get, and keep more economic and strategic value in their technology supply chains. Over the last 20 years, NET(net) has influenced trillions of investment, captured hundreds of billions of value, and has helped clients cost and value optimize all major areas of IT Spend, including XaaS, Cloud, Hardware, Software, Services, Healthcare, Outsourcing, Infrastructure, and Telecommunications, among others. NET(net) has the experience you want, demonstrates the expertise that you need, and delivers the performance you demand and deserve. Contact us at info@netnetweb.com, visit us online at www.netnetweb.com, or call us at +1 (616) 546-3100 to see if we can help you capture more value in your IT investments, agreements, deployments, and relationships.

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