Reducing content approvals from more than four
weeks and automating claims are key opportunities to drive speed to
market
BARCELONA, Spain, Nov. 21,
2024 /PRNewswire/ -- Veeva Systems (NYSE: VEEV) today
announced findings from the 2024 Veeva MedTech Commercial Benchmark
survey revealing nearly 70% of medtech organizations rely on
manual processes and homegrown applications to manage commercial
content and claims. Without a purpose-built content management
system, medtech commercial teams face go-to-market delays and
growing compliance risk.
Despite the importance of connecting claims, evidence, and
promotional materials, only 15% of organizations have streamlined
processes with a central data repository where claims are directly
linked to substantiation. The data shows there is significant
opportunity for improvement across commercial content and claims
management to gain visibility and speed.
The benchmark survey of over 130 commercial medtech leaders
found that:
- Content personalization is a growing focus. More than
80% are pursuing strategies to tailor and specify messaging.
Achieving compliant personalization at scale without the right
systems remains a challenge amid strict regulatory
requirements.
- Digital asset management (DAM) not yet in place for true
omnichannel. Nearly 40% of organizations report not having a
DAM system in place, limiting the management of personalizing
content. Among those with a DAM, only 31% report having it
accessible across marketing.
- Prolonged approval times result in missed opportunities.
60% of medtech companies using manual processes or homegrown
solutions experience approvals taking more than four weeks.
Marketing assets undergo an average of three to five rounds of
reviews which can delay campaign launches, affecting product
awareness and sales momentum.
- AI and automation of content continues to influence
medtech. 45% of medtech organizations feel the most significant
area AI can contribute is content creation.
"As the demand grows for more personalized promotional
materials, medtech companies face scale and compliance
challenges to adhere to regulatory standards and accurately reflect
product efficacy and safety," said Jeff
Gorski, senior director of commercial content strategy,
Veeva MedTech. "This report shows that nearly every medtech
organization has an opportunity to improve content and claims
management processes for greater speed to market, compliance, and
efficiency."
The 2024 Veeva MedTech Commercial Benchmark survey examines the
current processes, challenges, and future opportunities for
improvement in managing promotional content and claims.
Additional Information
For more on Veeva Vault
PromoMats for MedTech, visit: veeva.com/medtech/PromoMats
Connect with Veeva on LinkedIn:
https://www.linkedin.com/showcase/veeva-medtech/
About Veeva Systems
Veeva is the global leader in
cloud software for the life sciences industry. Committed to
innovation, product excellence, and customer success, Veeva serves
more than 1,000 customers, ranging from the world's largest
biopharmaceutical companies to emerging biotechs. As a Public
Benefit Corporation, Veeva is committed to balancing the interests
of all stakeholders, including customers, employees, shareholders,
and the industries it serves. For more information, visit
veeva.com/eu.
Veeva Forward-looking Statements
This release contains forward-looking statements regarding Veeva's
products and services and the expected results or benefits from use
of our products and services. These statements are based on our
current expectations. Actual results could differ materially from
those provided in this release and we have no obligation to update
such statements. There are numerous risks that have the potential
to negatively impact our results, including the risks and
uncertainties disclosed in our filing on Form 10-Q for the period
ended July 31, 2024, which you can
find here (a summary of risks which may impact our
business can be found on pages 36 and 37), and in our subsequent
SEC filings, which you can access at sec.gov.
Contact:
Meera Lakhani-Patel
Veeva Systems
+44-790-430-0698
meera.lakhani-patel@veeva.com
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