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Overview of IQVIA and Veeva
IQVIA and Veeva are two titans in the life sciences industry, each offering a unique suite of solutions tailored to the needs of pharmaceutical and biotechnology companies. IQVIA stands out as a global leader in healthcare data and analytics, providing a comprehensive range of products and services that empower customers to make data-driven decisions. Their offerings span from clinical trial management to real-world evidence, making them a go-to resource for healthcare insights.
On the other hand, Veeva Systems has carved out a niche with its cloud-based software solutions. Founded in 2007, Veeva has revolutionized the industry with applications like Veeva CRM, which streamlines customer relationship management, and Veeva OpenData, a robust data management platform. These tools are designed to enhance operational efficiency and compliance, making Veeva a preferred choice for many in the life sciences sector.
IQVIA vs. VEEVA Systems
Customer experience has never been so paramount. You've heard it plenty of times: in order to stand out, you have to get personal. And the Pharma industry is no exception.
The introduction of VEEVA Systems in 2007 was a major step forward for the industry; one that allowed pharmaceutical reps to streamline all the compliances that can complicate the customer experience. In one unified CRM (Customer Relationship Management) platform, companies have unparalleled control over content and data across any channel.
Recently, an old friend of the industry has emerged to dispute the crown: IQVIA. With a ton of the same capabilities as VEEVA, there are some key differences that may sway marketers one way or the other. Here's everything you need to know about the two major platforms changing the game in Pharma.
Main Capabilities of Both Platforms: IQVIA Data
IQVIA is actually very similar to VEEVA in that both platforms share a lot of the same connected intelligence to achieve the most important objectives of the global pharmaceutical industry. And earning the IQVIA OCE (Orchestrated Customer Engagement) certification gets you access to all of it. Here are a few examples of the capabilities:
CLM Content Management – CLM (Closed Loop Marketing) presentations are one of the most valuable components of these platforms. Using modern web technologies as the foundation, reps can share relevant documents and materials that eliminate inefficiencies, improve transparency, and enhance user experience. They can also add powerful data tools that offer important, real-time insights — like HCP reactions and behaviors — to guide and improve future strategies.
Engaging Presentations – Reps can make interactions more valuable through video meetings. Using integration of typical video calling platforms, like Zoom, you can track key messages and even record user's reactions to the content they see on screen. On top of that, these platforms automatically ensure the distribution and display of everything is compliant with all health-industry regulations.
Customized Emails – Marketers can build HTML emails using specific workflows that approve all necessary content before it's sent. Reps can completely customize these emails with specific data and content based on the interests and specialties that are most relevant to the HCP receiving it — all of which VEEVA reports 10X the open rates of typical emails.
Veeva’s Antitrust Claims
In 2017, Veeva filed an antitrust lawsuit against IQVIA, alleging that the latter engaged in anti-competitive practices to maintain its dominance in the healthcare data and analytics market. Veeva claimed that IQVIA leveraged its market position to restrict access to its data and analytics products, thereby stifling competition. This lawsuit is a significant development in the industry, as it highlights the competitive tensions between these two giants. The case is still ongoing, with a jury trial expected in February 2025, and its outcome could have far-reaching implications for market dynamics.
The Main Differences Between VEEVA CRM and IQVIA
With all these great features available on each platform, what makes IQVIA different from VEEVA?
Cost. This is a big one. While VEEVA has become a standard for Big Pharma companies, IQVIA’s affordable price tag is much more appealing to small and mid-sized companies. How affordable? For full access to produce, version, and host all material within the platform, a VEEVA certification costs $10-15,000/year for teams, while IQVIA OCE is just $3,000. However unlike IQVIA, VEEVA does not require a certification to access modules and services — but having one earns you rank as an official VEEVA partner and is important to proving your expertise amongst competitors. Additionally, the legal context surrounding trade secrets in the case IQVIA INC. et al v. VEEVA SYSTEMS, INC. highlights the court's decision regarding the bifurcation of trade secret claims and the procedural steps for addressing misappropriation claims, emphasizing the importance of trade secrets in litigation.
Training. Unlike VEEVA’s individual certification process, IQVIA takes an agency-based approach. They offer live sessions taught by an instructor that your team can take together, and it concludes with a physical presentation. Compared to VEEVA’s self-paced, online courses, it’s safe to say IQVIA takes a more personalized learning approach.
Augmented Reality. As of right now, IQVIA has yet to get on board the AR implementation train. VEEVA, on the other hand, was doing it before it was cool. This capability allows reps to illustrate how a disease or treatment works/evolves within the body, giving HCPs complete control over what they see and how they see it. As talks of the Metaverse heighten among major platforms, these capabilities may become more of a focus — and expectation — across the board.
Pros and Cons of IQVIA and Veeva
Ok, so we compared the main differences of each platform, but when considering the best platform for your life sciences needs, it's also helpful to weigh the strengths and weaknesses of both IQVIA and Veeva to make the best decision for your needs.
IQVIA Pros and Cons
Pros:
Loads of Data: IQVIA is like a treasure chest of healthcare data and analytics, giving pharmaceutical companies all the juicy insights they need. From clinical trials to market analysis and patient outcomes, they've got it covered.
Budget-Friendly: For small to mid-sized companies, IQVIA is often easier on the wallet compared to other options. It's a solid choice for businesses in the pharmaceutical industry looking to save some bucks.
Hands-On Training: IQVIA's training is more of a team sport, offering live sessions where everyone can learn together. It's a more personal touch compared to going it alone.
Cons:
Certification Needed: To access some cool features, you might need a certification. This could mean extra costs and time, which isn't always ideal for companies.
AR is MIA: IQVIA hasn't fully jumped on the augmented reality bandwagon yet, which might be a bummer for those who love advanced visualization tools.
Antitrust Drama: There's an ongoing antitrust lawsuit with Veeva that's stirring up some questions about IQVIA's competitive practices. It could shake things up for them in the market.
Veeva Pros and Cons
Pros:
Cloud-Based Innovation: Veeva's cloud solutions, like Veeva CRM and Veeva OpenData, really amp up how efficiently you can run things and keep everything compliant. That's why they're a go-to for many folks in the life sciences sector.
Advanced AR Capabilities: Veeva's got this cool augmented reality feature that makes presentations and educational tools super engaging. It lets healthcare pros dive deep into understanding diseases and treatments.
No Certification Required: Unlike some platforms, you don't need a special certification to dive into Veeva's tools and services. This makes it way easier to get started and integrate into your existing setup.
Cons:
Higher Cost for Large Companies: If you're a big pharma company, Veeva can be a bit pricier, which might be something to think about if you're watching the budget.
Self-Paced Training: Veeva's training is mostly online and at your own pace. While that's great for some, it might not be the best fit for everyone, especially if you prefer learning in a group setting.
Legal Challenges: There's some legal drama going on with Veeva's antitrust claims against IQVIA (we'll touch on those in a bit - see below). These disputes could shake things up a bit for how Veeva operates and competes in the market.
In the end, both IQVIA and Veeva bring a lot to the table with their platforms. It's all about figuring out what fits best with your company's needs, budget, and goals in the life sciences world.
Switching Costs and Market Trends
Switching from IQVIA to Veeva, or vice versa, isn't something you want to dive into without giving it some serious thought. It's not just about the financial investment; there's a ton of time and effort involved in getting everyone on board with a new system. Plus, there's always the chance that data won't align perfectly, and you'll have to retrain your team from scratch.
Despite these challenges, more companies in the life sciences industry are leaning towards cloud-based solutions. Why? Because they crave the flexibility and scalability to enhance their operations while keeping costs in check. Both IQVIA and Veeva are well-positioned to ride this wave, thanks to their game-changing cloud solutions and deep expertise in the life sciences world.
How Veeva Works with IQVIA (& How it Doesn't)
Veeva is all about being open and transparent with data, making sure that IQVIA can access Veeva's data without any hiccups. This means their software products and services stay top-notch. Veeva's big on creating a competitive scene in the pharmaceutical industry by keeping its data open, which encourages innovation and teamwork.
This open data approach is Veeva's way of standing out in the market. By letting IQVIA and other companies easily plug into its platforms, Veeva is building an ecosystem where life sciences companies can work more smoothly. It's all about making things compatible and user-friendly, which helps Veeva's solutions catch on more widely.
But there's a bit of a twist to these good intentions. By pushing for open data, Veeva is positioning itself as a champion of fair competition, challenging what they see as IQVIA's restrictive ways. Veeva's antitrust lawsuit against IQVIA — filed in 2017, but delayed to this year thanks to COVID — is committed to ending IQVIA’s alleged anti-competitive practices while maintaining its stance on openness and customer choice. This strategy is likely to attract customers who value transparency and teamwork, potentially drawing them towards Veeva's offerings.
But IQVIA has chosen not to join Veeva’s CRO partner program, making it the only major Contract Research Organization (CRO) to opt out. This decision prevents IQVIA from building clinical studies in Veeva’s Vault CDMS, a crucial component of running clinical trials. Veeva’s program provides necessary training and support to CROs, but their decision not to participate allegedly aims to avoid granting Veeva fair access to its software and data.
As the legal tussle with IQVIA unfolds, Veeva's commitment to open data and promoting a competitive environment will be closely watched by industry players. The lawsuit's outcome could have big implications for how data is accessed and used in the life sciences sector, possibly setting new standards for data sharing and collaboration.
Future of the Life Sciences Market
Thanks to some key trends like the rapid shift to cloud-based solutions, the life sciences industry continues to be on the verge of a major transformation, with unmatched flexibility and scalability. As companies look to boost efficiency, data analytics is becoming increasingly crucial. It’s all about making smarter decisions, more personalized experiences, and improving patient outcomes.
It's safe to say Veeva Systems and IQVIA are right at the heart of this evolution. They're using their expertise and cutting-edge platforms to keep a competitive edge. But the antitrust lawsuit will make things interesting. Depending on how the district court rules, it could shake things up for IQVIA's operations and influence how Veeva plays the game, potentially reshaping the whole industry landscape.
So to summarize, the future of the life sciences industry is going to be shaped by tech advancements, regulatory changes, and competitive forces. Both Veeva and IQVIA are in a good spot to handle these shifts, but as new players enter the game thanks to emerging tech, they’ll need to stay on their toes to tackle any risks and grab new opportunities to stay on top.
Making the Right Choice in the Life Sciences Industry & How Assemble Can Help
Choosing the right platform for your company comes down to having the right team to support you. Our team at Assemble is experienced and fully certified in VEEVA and IQVIA. Our team is happy to answer any questions you may have in regard to either platform and help you take your Pharma client engagement to the next level. Contact us to discuss your goals today.