Veeva MedTech Clinical Trials Report Signals Significant Opportunity to Improve Data Delivery and Quality

Rhea-AI Summary

On April 19, 2023, Veeva Systems (NYSE: VEEV) released its inaugural 2023 MedTech Clinical Benchmark Report, revealing key trends in clinical trials within the medtech sector. The study found that 83% of medtech companies still use manual methods like emails and paper to share data, which hampers study efficiency and increases compliance risks. Major challenges identified include 61% of firms facing integration issues with fragmented systems. The report emphasizes a pressing need for improved collaboration and digital solutions, with 45% of respondents prioritizing a shift to digital systems in the next year. The insights from over 135 global clinical professionals highlight the urgency for modernized approaches to enhance data quality and trial execution.

Positive

• 83% of medtech companies recognize the need for improved collaboration in clinical trials.
• 45% of respondents prioritize transitioning to digital clinical systems within the next year, indicating a shift towards modernization.
• The report outlines significant opportunities for enhancing data delivery and quality in medtech studies.

Negative

• 61% of respondents face challenges due to disconnected clinical systems, leading to potential errors and inefficiencies.
• Reliance on manual data-sharing methods increases the risk of non-compliance and delays in trial execution.

83% use email, portals, and paper to exchange information with study partners, slowing study execution and increasing risk of non-compliance

PLEASANTON, Calif., April 19, 2023 /PRNewswire/ -- Veeva Systems (NYSE: VEEV) today released its first-ever report examining global trends in medtech clinical trials. According to the 2023 Veeva MedTech Clinical Benchmark Report, on-time data entry and data quality are the top challenges for medtech when working with clinical research sites. This can delay trials and increase compliance risk, making improved collaboration with study sites a critical priority for faster delivery of high-quality data.

Research reveals most medtech companies (83%) rely on manual approaches to share information with study stakeholders, such as email, portals, and paper. Manual methods of sharing information slow down study execution and data analysis, increasing the time and costs necessary to complete trial activities. With regulations like EU MDR and IVDR requiring more clinical evidence and performance data, there is a near-term opportunity to advance medtech studies to be faster and more efficient.

The report highlights key areas for improvement and progress made in medtech clinical research, including:

• Disconnected systems remain a crucial issue: More than half of respondents (61%) experience challenges with fragmented clinical systems because of cross-system integration, data management, reporting, and usability. Managing studies on siloed systems can lead to manual errors, duplicate data, and missing files.
• A clear strategy is needed for post-market clinical follow-up (PMCF): There was no single method for PMCF used by most respondents, with top approaches reported as real-world evidence (21%), literature search (20%), and comparison studies (20%). Without a standard method to meet PMCF, organizations can benefit from developing an end-to-end process that spans clinical, medical, regulatory, quality, and marketing for continuous data gathering throughout the product lifecycle.
• Shift to digital clinical systems accelerating this year: Nearly half (45%) say shifting to digital clinical systems is a top priority over the next 12 months. Establishing a digital and connected technology foundation will make it easier for study stakeholders to work together, increasing trial efficiency, accelerating data delivery, and improving the experience for sites.

"The medtech industry has a significant opportunity to modernize clinical systems and processes for faster access to trial data," said Kevin Liang, vice president, Vault Clinical strategy, Veeva MedTech. "As more organizations prioritize digital clinical technologies, medtech can improve collaboration with stakeholders and drive trial efficiency, productivity, and compliance."

The Veeva MedTech Clinical Benchmark study examined how organizations—ranging from emerging to large device and diagnostics companies—manage clinical processes, study site collaboration, and trial data to ensure compliance and speed. This report includes insights from more than 135 clinical medtech professionals worldwide, outlining current challenges and near-term priorities associated with clinical trial conduct. See the full report, which investigates how medtech companies are managing clinical operations, outsourcing, post-market clinical follow-up, and modernization.

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 pharmaceutical 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.

Contact:

Deivis Mercado
Veeva Systems
925-226-8821
deivis.mercado@veeva.com

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SOURCE Veeva Systems

FAQ

What does the 2023 Veeva MedTech Clinical Benchmark Report reveal?

The report highlights significant reliance on manual data-sharing methods, with 83% of medtech companies using emails and paper, which slows trial execution and increases compliance risks.

What challenges are identified in medtech clinical trials?

Key challenges include disconnected systems, with 61% of respondents facing integration issues and reliance on outdated manual processes.

How many professionals contributed to the Veeva MedTech report?

The report includes insights from over 135 clinical medtech professionals worldwide.

What improvements are suggested for medtech clinical trials?

The report emphasizes the need for adopting digital systems to enhance collaboration, data quality, and trial efficiency.

What is the market impact of the findings in the report?

The findings suggest a significant opportunity for medtech companies to modernize their clinical processes, potentially impacting their compliance and operational efficiency.