Veeva Anticipates a Greater Presence of Its Business in Spain

Veeva strengthens its commitment to Spain. The American multinational cloud computing services company specializing in the health sector announces thirty new vacancies to expand its Spanish workforce, which already employs 300 people of the 7,000 who work for the company in fourteen offices around the world.

This initiative is in addition to the opening of its European headquarters in Barcelona and the celebration in Madrid of its two main reference events on the continent, the Veeva Commercial Summit and the Veeva R&D and Quality Summit.

The Spanish capital hosted Veeva’s international meeting on Research and Development (R&D) from June 4th to 5th

More than 2,000 people, including employees of the multinational and other companies in the sector, met to discuss the state of this issue in the pharmaceutical and life sciences fields. According to sources from the technology company, the growing number of attendees at the event is leading them to look for a new location.

By 2025, Veeva Systems projects a growth rate of 15%, to a range of between $2.72 billion and $2.74 billion, and expects to reach 10,000 employees across the company by the same date. The multinational’s Work Anywhere approach , which gives employees the option to work from home or the office any day, makes Barcelona a magnet for national and international talent, according to company sources.

Veeva currently has more than a thousand clients, from large biopharmaceutical companies such as GSK, Bayer or Boehringer Ingelheim, to biotechnology start-ups. In Spain, it works with companies such as Ferrer, Hipra, Almirall and Neuraxpharm.

Laia Gállego, corporate integration ops manager of the latter pharmaceutical company, explains to PlantaDoce that the management of her company has come to the conclusion that the volume of operations of the company in Spain is already large enough to contract the services of Veeva. Specifically, the services of Quality Vault, a system for evaluating the quality of processes.

Business with the European Data Space

Veeva is also looking to expand its business horizons in the European healthcare data space. The US technology company specialising in cloud solutions for the pharmaceutical and life sciences sectors considers itself well positioned in the face of the new regulation voted on by the European Parliament in April. This proposal aims, among other things, to harmonise existing regulations on healthcare data. According to the company, it currently offers its services to four million users and has accumulated 16 billion data records .

Chris Moore, president of the listed company for Europe, said that the greater the harmonization of regulations among the member states of the European Union (EU), the greater the scope for developing the potential of tools such as those offered.

Moore gives the example of clinical trials, the data of which is also stored by Veeva. He pointed out that Europe, and Spain in particular, occupy an important position in the world in these processes. According to figures compiled by the European Medicines Agency (EMA), Spanish centres carried out 43% of the total of 1,944 trials of this type authorized in the EU.

Richard Young, vice president of data at the multinational, said that the new regulations may not translate into a boost in sales, but he is convinced that they will give a boost to the tools they have in their portfolio. The European Council is expected to formally adopt the regulation, which will be effective once it is published in the Official Journal of the EU in the autumn, although it will be applied gradually depending on the type of data.

Veeva sales grew 24% compared to the first quarter of 2023

Veeva reported revenue of $2.363 billion in 2023, up 10% from the previous year. More than 80% of this revenue came from subscriptions to the services offered by the company. Net revenue for the same year rose to $525 million, up 8% from 2022.

But it was in the first quarter of 2024 that the technology company experienced its greatest growth: 24% compared to the same period of the previous year, up to $650 million. Profits also increased by 23%, up to $161 million. The multinational attributes this growth, among other reasons, to the fact that three of the twenty largest biopharmaceutical companies in the world hired one of its services during the first three months of the year.

Chris Moore is confident that this double-digit growth rate will continue for the entire company. “When I joined the company six years ago, I was skeptical that we had reached our peak, but since then we have continued to grow each year at a fairly consistent pace,” said the executive.

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(Featured image by Daniel Álvasd via Unsplash)

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First published in PlantaDoce. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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