It can be hard to keep track of everything going on with Veeva Systems(NYSE: VEEV). The company is launching new products, winning new customers, and entering entirely new markets at breakneck speed. How do you know what new developments to monitor the closest? Veeva Systems' co-founder and president lays out the most important things to watch in the next year in this clip from Industry Focus: Healthcare.
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A full transcript follows the video.
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This video was recorded on March 15, 2017.
Kristine Harjes: What is something we should all be keeping an eye out for with this company in the next year or so?
Matt Wallach:If you look out one year for Veeva,I think there's a few new products that, if they're successful, you're going to be looking at a very healthy, long growth trajectory for Veeva for many years. One is our entry into the electronic data capture space. That's a very big market' it's very competitive. We've added a CTMS, a clinical trial management system. Also, those two products are coming out in April. Those are, just themselves, over a $1 billion market just within life sciences. So we're just entering that market in April of this year. We're going to be working on our early adopters. So I would look for signals that we're having some success in that market. The other brand new big thing is our efforts outside of life sciences. I would look for signals and customer wins, the same types of strategies, the same types of product, that have been so successful in life sciences, are working across industries. And then, I would also look at our attempts at becoming a real partner to the industry. Now, I'm talking about the life-sciences industry again. We do have a high market share in many of the markets that we're in. We're trying to use that market share for the good of the industry, to use the seat we have at the table with life sciences companies, to do things that normal software companies wouldn't do. We started Align Biopharma. We're working with seven of the top 25 pharma companies today already on creating standards that will help every pharma company interact with their customers. We're looking at other areas that Align Biopharma can create standards that are good for the whole industry. That's just one of several initiatives that we're going to be taking in the next 12 to 24 months to really try and create community, create this industry cloud, and allow the entire industry to improve their performance.