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Veeva Systems sees product usage increase tenfold as biotech companies race to find COVID-19 cure
Veeva Systems can be found at many stages in the fight to quell the coronavirus epidemic, according to founder and CEO Peter Gassner.In a world limited by social distancing and travel limitations, the cloud-computing company is assisting life sciences industry players in the research and development of new testing devices, treatments and vaccinations for COVID-19,…
Veeva Systems can be found at many stages in the fight to quell the coronavirus epidemic, according to founder and CEO Peter Gassner.
In a world limited by social distancing and travel limitations, the cloud-computing company is assisting life sciences industry players in the research and development of new testing devices, treatments and vaccinations for COVID-19, the disease caused by the fast-spreading virus.
“We're enabling them to [work] virtually” on the research and commercial fronts, Gassner told CNBC's Jim Cramer in a “Mad Money” interview Thursday. “It's a really exciting and busy time for Veeva and our industry.”
One of the products involved in the process is Veeva Engage, a customer relationship management platform tailored to life sciences companies. The system offers online video conferencing and content sharing applications. Health-care professionals are using the program to connect with doctors remotely to deliver care to patients, Gassner explained.
The video conferencing tools for Veeva Engage is supplied by Zoom Video Communications, which Gassner is a board member of. Some of Veeva's clients include Biogen, Eli Lilly and Gilead Sciences, three of many biotech companies in the race to develop a COVID-19 treatment.
“We're offering that free to the whole industry until September. So we have more than 100,000 licenses provisioned, and the usage of that product is up 10x in just two weeks,” he said. “The energy of the life sciences industry, there's never been a better time.”
As for Veeva stock, it's trying to return to better days along with the rest of Wall Street.
Shares are down nearly $18 from their Feb. 20 close of $164.97. The stock has attempted to climb through a volatile market since placing a bottom near $118 on March 17, according to Factset.
In the past five years, however, equity in Veeva has grown 480%.
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