Now Available: Veeva Compass Suite of Commercial Data Products
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Insights
The introduction of the Veeva Compass Suite by Veeva Systems represents a significant enhancement in data analytics for the healthcare industry. This suite offers a comprehensive overview of patient populations and healthcare provider (HCP) level insights, which is pivotal for pharmaceutical companies in strategizing their market approach. The ability to analyze retail prescriptions alongside complex procedures such as in-office administered therapies provides a level of granularity that can lead to more informed decisions regarding product launches, marketing strategies and sales force allocation.
From a market research perspective, the Veeva Compass Suite could potentially shift the competitive landscape by enabling companies to react more swiftly to market changes. The availability of unlimited data access, including historical data, allows for a deeper analysis of trends and could lead to improved forecasting accuracy. This may result in optimized resource allocation and potentially better financial performance for companies that leverage these insights effectively.
For stakeholders in the medical research field, the granularity of the Veeva Compass Suite is particularly noteworthy. The inclusion of longitudinal patient data, including prescriptions, procedures and diagnoses, facilitates a more nuanced understanding of the patient journey. This understanding is critical for rare disease markets where patient populations are small and highly segmented. By accelerating product launches and providing field teams with timely customer views, the suite may enhance patient access to novel therapies.
Moreover, the integration of HCP segmentation and targeting could lead to more personalized and effective engagement strategies. For medical research analysts, the ability to correlate prescription patterns with specific medical procedures and diagnoses can inform clinical trial design and identify unmet medical needs, potentially leading to more patient-centric research and development.
The financial implications of the Veeva Compass Suite for Veeva Systems and its clients are multifaceted. On one hand, the suite's advanced data products could be a strong revenue driver for Veeva, as pharmaceutical companies seek to gain a competitive edge through superior data analytics. The suite's promise of a faster, more precise approach to commercialization might attract a larger customer base, potentially improving Veeva's market share and financial performance.
On the other hand, clients of Veeva could see a return on investment through more efficient market assessments and targeted marketing campaigns. The ability to track market share and forecast with greater precision may lead to cost savings and increased revenue. However, it is important to monitor the adoption rate of the Veeva Compass Suite and its actual impact on clients' commercial operations to fully assess its financial significance.
Complete suite of modern patient, prescriber, and national data products for today's complex therapies
Compass Prescriber includes HCP-level projections for more than 4,000 brands and their prescriptions and procedures
"Veeva Compass Suite delivers the data the industry needs for a faster, more precise approach to commercialization," said Mike Rifflard, vice president, operations, rare disease, ANI Pharmaceuticals. "With Veeva Compass, we accelerated our product launch by giving field teams a more complete and timely view of our customers."
Veeva Compass data products are available for the U.S. market today and include:
- Veeva Compass Patient provides granular, anonymous patient data, including prescriptions, procedures, and diagnoses for market assessment, patient journey analytics, patient finding, HCP segmentation and targeting, and triggers and alerts.
- Veeva Compass Prescriber includes projected prescriptions and procedures data at the HCP, HCO, and zip code levels for HCP segmentation and targeting, field planning, incentive compensation, and competitive intelligence.
- Veeva Compass National is projected prescriptions and procedures data at the state and national levels for forecasting, market share tracking, and commercial strategy.
"The availability of the full Veeva Compass Suite of data products is a major milestone for the industry and for Veeva," said Peter Stark, executive vice president and general manager, Veeva Compass. "We are excited to deliver significant innovations in commercial data for life sciences. Powered by a simple, modern data architecture, Veeva Compass handles both retail and complex therapies for more than 4,000 brands."
Additional Information For more on Veeva Compass, visit: veeva.com/Compass
Connect with Veeva on LinkedIn: linkedin.com/company/veeva-systems
About Veeva Systems
Veeva is the global leader in cloud software for the life sciences industry. Committed to innovation, product excellence, and customer success, Veeva serves more than 1,000 customers, ranging from the world's largest biopharmaceutical companies to emerging biotechs. As a Public Benefit Corporation, Veeva is committed to balancing the interests of all stakeholders, including customers, employees, shareholders, and the industries it serves. For more information, visit veeva.com.
Veeva Forward-looking Statements
This release contains forward-looking statements regarding Veeva's products and services and the expected results or benefits from use of our products and services. These statements are based on our current expectations. Actual results could differ materially from those provided in this release and we have no obligation to update such statements. There are numerous risks that have the potential to negatively impact our results, including the risks and uncertainties disclosed in our filing on Form 10-Q for the period ended October 31, 2023, which you can find here (a summary of risks which may impact our business can be found on pages 38 and 39), and in our subsequent SEC filings, which you can access at sec.gov.
Contact:
Alison Borris
Veeva Systems
925-226-8821
alison.borris@veeva.com
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SOURCE Veeva Systems
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