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Veeva Systems is Bringing Healthcare Data Into the 21st Century

Veeva Systems is Bringing Healthcare Data Into the 21st Century

Sean O’Reilly: Talk to me about Veeva, particularly
their first mover advantage with everything. Kristine Harjes: Yeah, that’s a huge advantage
here. What Veeva does, they’re a life sciences data management company. They’ve got two main
parts of the business. You have your core CRM business, which is your customer relationship
management, and you’ve got Veeva Vault, which is a management system. So– O’Reilly: What a name. Harjes: –the CRM — yeah, it’s very catchy. O’Reilly: I’m sorry to interrupt, their customers
are the Pfizers and the Mercks, and the biotech companies that you’re talking about? Harjes: Yeah, through Vault, actually, they’re
actually working with 34 of the 50 largest pharmaceutical companies. O’Reilly: That’ll do. Harjes: Yeah, so Vault, essentially, is a
system where you take all of the information about processing a drug’s clinical trials
and approval records and what not, and storing it, sharing it, having it be really secure,
and be able to transfer these master files to parties like the FDA. O’Reilly: I know a few people, in fact, a
good friend of mine works for Merck. These are not small amounts of data. The amount
of analysis and data tracking that goes into one drug in simulations and everything, it’s
huge, I would assume. Harjes: Yeah, it is a mind-boggling task to
get a drug to market. There are estimates now that the cost of getting a drug to approval
is $2 billion per drug. O’Reilly: And this is why our drugs are expensive,
folks. Harjes: Yeah. This process lasts more than
a decade usually. So, obviously, with that, you’re going to have this tremendous amount
of information, so, what do you do with it? You need somebody that can store it, and cloud-based
software is a really, really intriguing way of meeting this need.

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