Our reporter Zhang Wenxiang, intern journalist Jin Wanxia
Recently, Veeva Systems (NYSE: VEEV, hereinafter referred to as Veeva) announced the launch of multiple research and development cloud products for the Chinese market, including Vault Study Training (Clinical Trial Training System), Veeva Site Connect (Research Center Connection System), Veeva RTSM (Subject Randomization and Clinical Supply Management System), Veeva ePRO, Veeva eClinRO, Vault LIMS (Laboratory Management System), and Vault Validation Management (Verification Management System).
Public information shows that Veeva is a leading global provider of SaaS solutions in the life sciences industry, entering the Chinese market in 2011. As of now, Veeva can provide products and services covering software, data, and business consulting, including three major cloud solutions: R&D cloud, business cloud, and data cloud. Among them, Veeva R&D Cloud has over 1000 industry clients worldwide and entered China in 2019.
Veeva is increasing its presence in the Chinese market. As of now, innovative pharmaceutical companies such as BeiGene, Junshi Biotechnology, Hehuang Pharmaceutical, Zaiding Pharmaceutical, and Taige Pharmaceutical have all become their customers. The reporter learned during the visit that the "going global" demand from Chinese innovative pharmaceutical companies is becoming a new opportunity for upstream digital service providers like Veeva. "As we enter 2024, more and more customers are making demands to us, hoping to receive IT solution support when 'going global'," Lu Wenjie, the head of Veeva's China R&D cloud business, told Securities Daily.
In 2023, a research report pointed out that the digitalization level of pharmaceutical enterprises in China is still relatively low. Veeva stated that while Chinese innovative pharmaceutical companies are accelerating their internationalization efforts to gain broader development opportunities, they are also facing some practical pressures, forcing them to seek more efficient digital management tools.
Yang Bin, the head of clinical operations at Hehuang Pharmaceutical, further introduced the relationship between digital management and innovative pharmaceutical companies going global to Securities Daily reporters. "On June 22, the new anti-tumor drug Fuquitinib, independently developed by Hehuang Pharmaceutical, was approved by the European Commission. This is the second successful entry into the world's top market in more than seven months since Fuquitinib was launched in the United States in November 2023." Yang Bin said that being able to run at such a speed is closely related to the empowerment of digital management software. "In order to obtain EU listing qualifications, Hehuang Pharmaceuticals conducted 16 clinical studies in over 200 hospitals worldwide, involving over 2000 patients. A large amount of clinical research data needs to be collected, analyzed, and managed in real-time through specific digital tools. During the final review, officials from the European Medicines Administration also remotely verified the data through digital tools, greatly accelerating the approval process." Yang Bin said.
Chen Rui, the Director of Clinical System Implementation at BeiGene, also stated that the clinical trial stage is the most time-consuming and costly stage in the process of launching new drugs, and the use of digital management tools can significantly improve quality and efficiency.
The reporter learned from Veeva that in the field of AI applications, the company has launched products such as Veeva TMF Bot and RIM Bot; In addition, the company has launched a new Veeva AI Partner Program to support life science enterprise customers in rapidly leveraging AI to empower growth.