Pharma CRM provider Verticals onDemand has rebranded itself Veeva Systems as part of a growth strategy that includes expansion into Europe and the development of new technology offerings.
The new Veeva Systems has opened an office in Stockholm and has partnered with Madrid, Spain-based Pharma Advisers in the first steps of a global plan. Matt Wallach, EVP and general manager at Veeva Systems, expects that establishing a physical presence in Europe will help Veeva Systems win clients there because the company will be able to provide local implementation and support.
“Expansion into Europe allows us to compete for new business with European companies,” Wallach said. “It’s tough to win a deal that way because clients need help to implement and import their data, and without people on the ground in Europe it’s hard to provide that support. This move gives me presence and credibility and gives customers comfort that we will be there with a commitment to make sure the product works in those markets.
“Our focus is primarily on the largest markets in the area, so we’re looking to do things regionally and globally,” he added. “We need to make sure we have people on the ground in Europe when US companies want to expand there, or if someone wants a global deal, we need a presence. Ultimately, we’ll have teams in every different country, but right now we have partnerships in Europe that enable us to use their existing resources.”
Veeva Systems partnered with Pharma Advisers to take advantage of the extensive experience of the company’s principles, as well as their relationships with many of the top pharma companies in region.
Veeva Systems offers a software-as-a-service (SaaS) CRM tool called VBioPharma, and Wallach credits the “faster, cheaper, innovative” SaaS with much of Veeva Systems’ success. The company has already won its first client in Europe — a division of one of the largest pharma companies in the world — which has 40 of its employees, spread across 15 countries, using VBioPharma. In all, Wallach reported, Veeva Systems has captured more than 10% of the US pharma market within two years of launching a product.
He added that big changes in the pharma industry — such as major layoffs, mergers and the expiration of patents on some blockbuster drugs — are clearing the way for many companies with new, flexible capabilities and technologies.
Veeva will be adding to its own offerings this year, branching beyond CRM to aggregate spend, compliance reporting and clinical trial systems applications for the life sciences industry.