Veeva Systems' Development Cloud Platform Picked by Idorsia

Shares of Veeva Systems VEEV climbed 3.5% to $82.23 following the company’s recent collaboration with Idorsia Pharmaceuticals Ltd.

Idorsia, a Swiss biopharmaceutical start-up focused on research, will be implementing the Veeva Development Cloud. The aim is to establish a unified development landscape to facilitate product innovation. The latest move further consolidates Veeva’s foothold with respect to providing cloud-based software services in Europe.

Notably, the Veeva Development Cloud brings together applications for clinical, regulatory and quality to help organizations drive end-to-end business processes across product development.

In fact, Idorsia plans to use multiple flagship applications across Veeva Development Cloud suites. These include Vault eTMF, Vault CTMS, Vault RIM Suite and Vault Quality Suite.

Over the past six months, shares of Veeva have rallied 42.9%, compared with the industry’s rise of 16.1%.

The stock carries a Zacks Rank #2 (Buy).

Market Prospects

Per research by Frost & Sullivan, the healthcare cloud computing market is likely to generate revenues worth $10 billion by 2021. The need to store the rapidly rising volumes of healthcare data drives the market.

Hence, Veeva’s latest development has been a timely and strategic one.

Veeva’s Cloud-Based Services in Focus

The healthcare industry is fast catching up with the cloud-based revolution. California-based Veeva offers cloud-based software applications and data solutions for the healthcare industry.

Earlier this year, company launched Veeva Nitro, a next-generation commercial data warehouse of the industry. The aim is to eliminate time and effort of customized data maintenance. (Read More: Veeva Rolls Out Nitro to Unify Healthcare Industry Data).

In 2017, the company launched an advanced Veeva Commercial Cloud offering, Veeva CRM Engage Webinar, at the Veeva Commercial Summit Europe.

Furthermore, Veeva Vault PromoMats Brand Portal — a new digital asset management capability — also deserves a mention. The application helps brand managers create portals, organize and showcase content.

Other Key Picks

A few other top-ranked stocks in the broader medical space are Genomic Health GHDX, Stryker Corporation SYK and Integer Holdings Corporation ITGR.

Genomic Health has an expected earnings growth rate of 187.5%. The stock flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Stryker has a projected long-term earnings growth rate of 9.7%. The stock carries a Zacks Rank #2.

Integer Holdings a long-term expected earnings growth rate of 15%. The stock carries a Zacks Rank #2.

Today's Stocks from Zacks' Hottest Strategies

It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.

And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.

See Them Free>>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Veeva Systems Inc. (VEEV) : Free Stock Analysis Report
 
Integer Holdings Corporation (ITGR) : Free Stock Analysis Report
 
Stryker Corporation (SYK) : Free Stock Analysis Report
 
Genomic Health, Inc. (GHDX) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research