Having accurate customer reference data for all healthcare professionals, healthcare organizations and affiliations across life sciences’ major markets—and managing it all—is a burden Veeva Systems has addressed with the launch of a new streamlined approach to deliver customer data sourced locally and consolidated into a single global reference database.
Veeva introduced Veeva OpenKey, a one-stop approach enabling companies to use the data they need without the duplication and contractual restrictions that exist in today’s customer data market, during last week’s eyeforpharma conference in Barcelona.
Veeva also launched the Veeva OpenKey Partner Program, designed to make it easy for life sciences companies to access and maximize their customer data by eliminating restrictive vendor contracts that limit usage and access. Instead, Veeva has put in place data access agreements and partnerships with other third-party providers through its partner program.
“Essentially, we are developing the most comprehensive source of customer data, which is largely reference data, compliance data and email data,” said Tim Slevin, senior vice president of Veeva’s global data solutions business. “For example, this enables biopharmaceutical companies to work with OpenKey data in conjunction with data from partner providers such as Crossix Solutions, which is one of our customer data partners working with Veeva.”
He acknowledged entering the customer reference data market is a new business for Veeva, which provides cloud-based software for the life sciences industry.
As the life sciences continue to diversify across geographic borders, the need for easily accessible and accurate information has become greater, according to Veeva. Sponsor purchases of customer data generally come with both contractual and integration challenges, including restrictions on usage and agreements for mapping one data source to another.
For example, a sponsor may buy customer data, but the data vendor may not allow the company to load the information into its Customer Relationship Management (CRM) system or may require significant contract/ legal work to obtain that permission. Slevin said OpenKey eliminates these restrictions by working only with approved partners.
“Veeva’s OpenKey simplifies the purchase and usage of customer data and the process of using data with another provider,” said Stephen Davies, Gartner Group research director in the industry research organization. “It’s a different approach, and life sciences companies probably will welcome it.”
In Barcelona last week, Veeva presented preliminary findings from its European survey on the current state of customer data in the life sciences, which showed 83% of life sciences executives said the quality of their data is a significant challenge. More than 25% said they are dissatisfied with the service they receive from their current data provider, while 12% said their current data supplier has innovated to deliver higher-quality data solutions.
The survey also cited upcoming changes that call for strict compliance and disclosure requirements. Starting in January 2016, the European Federation of Pharmaceutical Industries and Associations (EFPIA) code on reporting payments to healthcare professionals take effect. The survey found many companies do not have the customer data they need to reliably track spending at the healthcare professional level. Only 39% of those surveyed said they definitely report their customer data, which allows them to accurately track aggregate spending at the healthcare professional level. Only 29% have data that fully allows them to manage healthcare professional engagement across geographical borders. Full survey results will be released later this spring.
“Life sciences companies struggle to maintain timely, complete customer data across their internal systems, resulting in significant compliance and customer engagement challenges,” Eric Newmark, program director, business systems strategies for IDC Health Insights, said in a statement. “Much of the challenge stems from their inability to integrate and fully utilize the data they purchase today. More open access to quality data and partner ecosystems that work together to ensure seamless access for customers is something the industry desperately needs.”
“We worked with Veeva early on with OpenKey customers,” said Robert Bryant, a partner at Deloitte, “and have been impressed with the solution and the vision.”
Email comments to Ronald at email@example.com. Follow @RonRCW
This article was reprinted from Volume 19, Issue 12, of CWWeekly, a leading clinical research industry newsletter providing expanded analysis on breaking news, study leads, trial results and more. Subscribe »