Veeva Systems Inc (NYSE: VEEV) Experiences a 10X Increase in CRM Product Usage Following COVID-19 Pandemic

Veeva Systems Inc (NYSE: VEEV) gained in Thursday’s session and was up by 9.52% at the close of the day. This followed the company’s announcement that its CRM product had experienced a 10X surge in usage following the outbreak of the coronavirus pandemic.

The company offers communication services remotely for the life sciences industry and has been instrumental in testing and development of COVID-19 vaccines. Commenting on this development, CEO Peter Gassner stated that the company had decided to avail its Veeva Engage product for free to new clients. He added that the company was offering free services to the entire industry all the way to September. He also stated that they had over 100k licenses offered and that demand had jumped ten times in just a fortnight.  He further stated that it was a signal of increased energy from the life sciences industry.

The company also announced the launch of Veeva Data Cloud. This was launched as a support for the life sciences industry, and would also act to add innovation to the industry.  The company also announced that Veeva Cloud Data will also incorporate a longitudinal prescriber and patient data offering.  According to CEO Peter Gassner, the life sciences industry needed a new approach in how it handles data both for patients and prescribers. He added that the company was aiming to bring in innovation, choice, and more openness in ensuring success in customer management.

Looking at its price action, VEEV is gaining upside momentum. The stock opened the day at $135.08 and traded between a low of $133.82 and a high of $147.36, before closing the day at $147.09. Volumes in the days stood at 1.66 million.

About Veeva Systems Inc

Veeva Systems Inc is a cloud services provider for the life sciences industry. It is based in Pleasanton, California.