Life sciences industry continues to use many legacy systems, as it has been slow to adopt cloud technology in its operations. However, this trend is changing, albeit slowly, as more pharma companies are looking to tap into the enormous benefits offered by cloud.
There have been many reasons for this shift, with innovation being the foremost of them all. Today, most of the innovations happen in the cloud, and this is also one area that attracts the maximum number of venture capitalists. Since more innovations are expected to happen in 2017, it’s best for pharma companies to move to it at the earliest, so they can take advantage of these developments as they happen.
Another important reason for pharma companies to think of moving their operations to the cloud is the shrinking global space. Today, almost every major company has its operations spread across the world. This means, they need the right tools to collaborate and work together. Cloud is the right technology to meet this need, as it makes easy for employees to communicate with each other, regardless of their physical location. Likewise, it also helps companies to distribute their products to a global marketplace, and maybe even work with partners located on the other side of the world.
Due to these benefits, cloud-based companies like Veeva are working on creating a full suite of applications that’ll help companies in the life sciences industry to use cloud. They have already built a platform called Vault, and are looking to build clinical data management and clinical operation applications on it. This company also plans to have many integration points for connecting other applications to their platform. Currently, there is no single platform that provides a wide range of cloud applications for the life sciences industry, and Veeva plans to change that. Since it has perfected its platform over the last four or five years, it plans to start building applications on it in the coming year. This is why Veeva is poised to take a big leap forward in 2017.
Currently, the company is doing well on the financial side too. In 2015, it had set a target of $1 billion in revenue by 2020. During the second quarter of 2016, the company had a revenue of $142.8 million, and this was a 34 percent jump when compared to the same period of the previous year. At this rate of growth, Veeva may even achieve its target ahead of schedule, especially given that it plans to make a big foray into providing public cloud services starting next year.
Finally, the changes that have taken place over the last year such as Trump’s victory in US Elections and the passage of 21st Century Cures Act, could end up being advantageous to the company. According to its CEO, Peter Gassner, the life sciences industry is advancing at a rapid rate, so it’s only natural to have more regulators in the picture. He opines that this move will end up being positive for the life sciences industry at large, and Veeva in particular.
Due to these reasons. Veeva is well-poised for 2017.