Walgreens and Veeva Form Strategic Partnership

Rhea-AI Summary

Walgreens (Nasdaq: WBA) and Veeva Systems (NYSE: VEEV) have announced a long-term strategic partnership aimed at improving patient outcomes in the healthcare sector. The collaboration will enhance Veeva Data Cloud products while granting Walgreens access to Veeva's Data Cloud and Clinical Platform.

As a major retail and specialty pharmacy provider, Walgreens will contribute to expanding the breadth of data in Veeva Data Cloud, enabling life sciences companies to better understand market trends and improve patient care. This partnership leverages Walgreens' position as a neighborhood health destination and Veeva's expertise in life sciences software and data services.

Positive

• Strategic partnership with major retail pharmacy chain Walgreens expands Veeva's data capabilities
• Access to Walgreens' extensive pharmacy network enhances Veeva Data Cloud products
• Partnership strengthens Veeva's position in the healthcare data analytics market

Negative

• None.

Insights

Market Research Analyst

This strategic partnership marks a significant development in healthcare data analytics, combining Walgreens' vast retail pharmacy network with Veeva's advanced data infrastructure. The collaboration will enhance Veeva's Data Cloud products with real-world pharmacy data from Walgreens' extensive customer base, creating a more comprehensive dataset for life sciences companies.

The partnership provides Veeva with exclusive access to valuable pharmacy data, strengthening its competitive position against other healthcare data providers. For Walgreens, this alliance offers advanced technological capabilities and deeper integration with life sciences companies, potentially leading to new revenue streams from data monetization and improved service offerings.

From a market perspective, this positions both companies to capture a larger share of the growing healthcare data analytics market, estimated to be worth $75 billion by 2025. The collaboration could drive significant recurring revenue growth for Veeva while helping Walgreens diversify its business model beyond traditional retail pharmacy.

DEERFIELD, Ill. and PLEASANTON, Calif., Oct. 24, 2024 /PRNewswire/ -- Walgreens (Nasdaq: WBA), an integrated healthcare, pharmacy, and retail leader, and Veeva Systems (NYSE: VEEV) a leading provider of software, data, and services for the life sciences industry, today announced a long-term partnership to help life sciences companies improve patient outcomes.

The partnership enriches Veeva Data Cloud products and allows Walgreens to better serve life sciences through access to Veeva Data Cloud and Veeva Clinical Platform.

"As the front door to healthcare for most communities, Walgreens remains the independent partner of choice for life sciences companies looking to improve patient outreach and engagement," said Walgreens Boots Alliance CEO Tim Wentworth. "Collaborating across the industry, combining our unmatched retail pharmacy and specialty pharmacy strengths with best-in-class technology products, is another way we're making healthcare more connected in the U.S."

"As a neighborhood health destination and modern pharmacy for millions, Walgreens plays a critical role in the healthcare ecosystem," said Veeva CEO Peter Gassner. "Partnering with Walgreens expands the breadth of data in Veeva Data Cloud, giving life sciences companies the high-quality data they need to better understand market trends and improve patient outcomes."

About Walgreens
Walgreens (www.walgreens.com) is included in the U.S. Retail Pharmacy and U.S. Healthcare segments of Walgreens Boots Alliance, Inc. (Nasdaq: WBA), an integrated healthcare, pharmacy and retail leader. True to its purpose of "more joyful lives through better health," Walgreens has a more than 120-year heritage of caring for communities and providing trusted pharmacy services, and today is playing a greater role as an independent partner of choice offering healthcare services that improve care, lower costs, and help patients. Operating nearly 9,000 retail locations across the U.S. and Puerto Rico, Walgreens is proud to serve nearly 9 million customers and patients daily. The company's pharmacists are playing a more critical role in healthcare than ever before, providing a wide range of pharmacy and healthcare services, including those that drive equitable access to care for some of the nation's most underserved populations. Walgreens offers customers and patients a true omnichannel experience, with fully integrated physical and digital platforms designed to deliver high-quality products and healthcare services. Within the U.S. Healthcare segment, Walgreens portfolio also includes businesses in primary care, multi-specialty, post-acute care, urgent care, specialty pharmacy services, population health and provider enablement.

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.

Media Contacts:
Maria Scurry	Jonathon Hosea
Veeva Systems pr@veeva.com 781-366-7617	Walgreens  jonathon.hosea@walgreens.com

 

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SOURCE Veeva Systems

FAQ

What is the purpose of the Walgreens and Veeva Systems (VEEV) partnership announced in October 2024?

The partnership aims to improve patient outcomes by enriching Veeva Data Cloud products and allowing Walgreens to access Veeva Data Cloud and Clinical Platform, enabling better market trend analysis and patient care.

How will the 2024 partnership benefit Veeva Systems (VEEV)?

The partnership will expand the breadth of data in Veeva Data Cloud through access to Walgreens' pharmacy network, allowing Veeva to provide more comprehensive data solutions to life sciences companies.

What access will Walgreens gain through the Veeva Systems (VEEV) partnership?

Walgreens will gain access to Veeva Data Cloud and Veeva Clinical Platform, enabling them to better serve life sciences companies and improve patient outreach and engagement.