Veeva Systems Introduces New Cloud Application to Tackle Supply-Chain Challenges

Veeva Systems Stock

Veeva Systems Inc. (NYSE:VEEV) has unveiled a new cloud application, Veeva Vault Batch Release, aimed at expediting and bolstering confidence in Good Manufacturing Processes (GMP) release decisions and market shipments.

Vault Batch Release will become part of Veeva Vault Quality and is scheduled for release in the second half of 2024. This cutting-edge application is poised to significantly enhance the Veeva Vault Quality Suite within the Veeva Development Cloud solutions, which primarily cater to the broader Life Sciences sector. The Veeva Development Cloud solutions are set to automate data aggregation, reviews, and traceability, enhancing efficiency and accuracy.

The Significance of Vault Batch Release 

Vault Batch Release is anticipated to address the growing complexity in manufacturing and supply chains by simplifying the aggregation and review of data and content and facilitating collaboration with external partners.

This application will consolidate data and content from Quality Management Systems (QMS), Laboratory Information Management Systems (LIMS), Enterprise Resource Planning (ERP), and regulatory systems, offering real-time visibility into batch release statuses. It will be integrated with and require Veeva Vault QMS while also offering flexibility for use with other third-party LIMS and regulatory solutions.

According to Veeva Systems’ management, Vault Batch Release will provide an automated end-to-end solution for a complex process that has been underserved and prone to compliance and cost risks. The digitized and automated batch-release solution is expected to ensure consistent, speedy, and efficient product delivery to Veeva Systems’ customers.

Industry Outlook 

A report by Future Market Insights predicts that the global electronic batch records market will surpass $2,627 million in 2023 and reach $8,786.4 million by 2033, growing at a compound annual growth rate (CAGR) of 12.8%. Factors such as cost reduction, improved tracking of automated batch processes, and the potential negative consequences of manual record-keeping are expected to drive this market’s growth.

Given this market potential, Veeva Systems’ latest application is likely to strengthen its global position in this niche space.

Recent Developments 

In the previous month, Veeva Systems announced its second-quarter fiscal 2024 results, reporting overall growth in both revenue and earnings. The company noted strong performances in both segments during the quarter, with broad adoption of Veeva Development Cloud and the advancement of significant partnership opportunities with the top 20 pharmaceutical companies.

During the same month, Veeva Systems revealed that Civica Rx had adopted Veeva Vault LIMS to enhance quality control.

Price Performance 

Over the past year, shares of Veeva Systems have gained 23.1%, surpassing the industry’s 19.9% increase and the S&P 500’s 14.9% growth.

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