"47 of the world's top 50 pharmaceutical companies are using Veeva."
When it comes to Veeva Systems (hereinafter referred to as "Veeva"), many people may not be familiar with it. But everyone in the life science industry knows that Veeva is the world's leading industry SaaS service provider. With the mission of "building an industry cloud for the life science industry", Veeva was established in Silicon Valley in the United States in 2007 and went public in the United States in the same year. Its current market value exceeds US$30 billion.
In recent years, China's big health industry has developed vigorously, and the digital transformation of the life science industry is also accelerating. Veeva, which entered the Chinese market in 2011, has achieved continuous growth in its business in China under the superposition of localized operations and opportunities of the times. Not long ago, Ding Xiaofeng, general manager of Veeva China, shared with the domestic media Veeva's innovation in the Chinese market and its cooperation with Amazon Cloud Technology China.
Create innovative products tailored for the Chinese market on the cloud
In the past, multinational companies often used globalized products and management experience to achieve rapid deployment in the Chinese market. However, in 2016, Veeva launched an industry SaaS solution Veeva China SFA specifically for the Chinese market. Representatives, improve customer experience, improve marketing and sales efficiency.
Such a solid investment is related to Veeva's positioning and in-depth insight into the Chinese market. As a SaaS vendor serving the world's leading pharmaceutical companies, Veeva is well aware of the differences between the Chinese and American pharmaceutical markets, as well as the gap between multinational pharmaceutical companies' global market standardization and local market flexibility.
In terms of localization, Veeva China SFA is a very down-to-earth product. For example, most doctors in China are accustomed to using WeChat to interact with medical representatives, and corporate WeChat has become a communication channel between medical representatives and doctors. Veeva China SFA is built on the basis of the WeChat ecosystem, connected with corporate WeChat, and incorporates rich pharmaceutical industry scene functions. For example, based on the information retention function of enterprise WeChat, Veeva China SFA further analyzes the session data, which can help medical representatives quickly judge the compliance of the content, provide early warning before the event, and intercept it after the event, so that the whole link communication can be traced and realize seamless communication. sense of compliance.
In the process of helping a leading multinational pharmaceutical company to launch and promote new products in the Chinese market, Veeva China SFA provides digital management for the entire process of drug marketing and marketing, covering core CRM, admission management, conference management, multi-channel marketing management and data analysis etc. Reduce the time for filling in the system by an average of 50% per day, increase the efficiency and effectiveness of sales operations by more than 50% on average, and increase the efficiency of communication with doctors by more than 60% on average.
Veeva's steady development in China is inseparable from the support of its partners, such as Amazon Cloud Technology. The two parties have cooperated since 2016, and the flagship product Veeva China SFA has been deployed in the Amazon Cloud Technology China region. Currently, Veeva has settled in the life and health digital empowerment center of Amazon Cloud Technology in Shanghai, and the two parties have issued a white paper on digital marketing solutions for the medical industry.
"Amazon Cloud's secure and compliant infrastructure and services assist Veeva's business compliance and security. Amazon's rich cloud services also help Veeva improve its business innovation capabilities and product iteration efficiency."
Based on convenient cloud services, Veeva China SFA can achieve 12 product iterations per year, and more than 400 local functions will be added in 2022. The two parties have also achieved rich industry scene innovations through co-creation. For example, based on the fully managed machine learning platform Amazon SageMaker, Veeva China SFA can intelligently detect and identify the authenticity of pictures uploaded by medical representatives, and automatically extract medical and health institution information from massive texts.
From CRM to Troika, the in-depth approach of industry cloud
At present, in terms of commercial services, Veeva's main business in China has expanded from the earliest CRM to the "software service + data service + consulting service" troika. In Veeva's view, the industry cloud includes not only software platforms, but also data and services. The three are interconnected and synergistic.
"We realized early on that a single-dimensional CRM cannot fully satisfy customers' demands. Now customers are showing more and more multi-dimensional demands."
Veeva OpenData is a platform focused on verifying and validating customer data provided by life science companies. It mainly provides verification and verification services for millions of medical professionals, medical institutions and their affiliates' public information. The platform focuses on ensuring the accuracy and timeliness of data, and provides a series of data maintenance services, including data cleaning, upgrading and verification, to help customers maintain the integrity and accuracy of their data. OpenData's verification services are based on public information on the Internet to ensure the compliance of information verification work.
In 2023, Veeva will build a business consulting team in China, which can provide pharmaceutical companies with business strategy, medical strategy, content change and other strategic consulting, as well as comprehensive consulting and services across the three major strategies from strategic insight to implementation.
"What are the advantages of the industry cloud? The longer the SaaS software is used, the more data will be deposited, the more in-depth industry insight and analysis will be, and the consulting services based on software and data will be more strategic. So software, data Form a benign closed-loop system with the service, self-innovation, and common development, and ultimately help enterprises achieve operational cost reduction and efficiency enhancement.” Ding Xiaofeng said.
In the digital field of the medical and health industry, in addition to vertical SaaS service providers like Veeva, there are also many general-purpose software service providers participating. In contrast, what unique advantages does Veeva have?
Ding Xiaofeng believes that the ultra-high safety and compliance threshold in the pharmaceutical field is the primary challenge for players entering this field. Currently, Veeva is one of the few SaaS companies with a compliance system framework, business covering the entire process of pharmaceutical company management, successful experience in the global market and innovation capabilities in the local market.
Long-termism in terms of innovation is another threshold. "We always believe that continuous and lasting innovation is the cornerstone of product vitality in this industry. The lasting innovation I mean does not mean short-term investment for a certain project, but may take ten years as a minimum unit, long-term in a product Continuing investment."
Thanks to the healthy profitability in the global market, Veeva has the confidence to continue to invest in innovation in the Chinese market. "On the premise of healthy growth, there can be continuous investment, and only with continuous investment can there be continuous product innovation. Only continuous product innovation can allow customers to see real long-term value. I think this is an important aspect of Veeva. where the advantage lies."
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This article is the original work of "Intelligent Evolution".