The new - called the Veeva Network Product Master – holds a range of different product information - brand information, trade names, groupings and country-specific configurations – that can be accessed online.
The idea is to allow pharmaceutical companies to “manage, use, and access accurate product information across geographies” according to Veeva, which cited the ability to more accurately predict a drug’s performance as one advantage of the system.
Harte Nielson, director of Veeva Network Strategy at Veeva, said it “provides a better approach to managing product data and establishing consistency in global branding, product launches, and competitive analysis.”
He added that: “Life sciences can move beyond spreadsheets and legacy MDM systems with a trusted product master reference to scale go-to-market programs globally and streamline local execution in every country.”
The new software is designed to be used in conjunction with Veeva customer data management technology as part of the cloud-based software firm’s wider information services offering.
Veeva’s customers include both contractors like inVentiv, which signed up to provide its customers with access to Veeva’s eTMF technology, and drug firms such as Bristol-Myers Squibb, which asked the firm to to manage its regulatory submissions archive in March.
Veeva predicted that revenue for fiscal 2016 will be between $404m and $406m, which is a significant increase on the $313.2m it generated in fiscal 2015. It also predicted operating income of around $109m up from $40.4m.