The impending split between Veeva and Salesforce, longtime partners in the life sciences software industry, is causing a stir among pharmas and biotechs as they prepare to navigate the changing landscape of healthcare technology. With the contract between the two companies set to expire in September, clients will soon need to decide which path to take as the divorce finalizes, a decision that could have far-reaching implications beyond just an IT migration.
According to Nancy Phelan, head of customer engagement at Trinity Life Sciences, the choice between Veeva and Salesforce goes beyond just a software migration. It is a strategic decision that will shape how companies interact with their customers in a rapidly evolving market. The split, announced by Veeva in December 2022, is driven by the company’s desire to better tailor its offerings to the unique needs of the life sciences sector.
As drugmakers weigh their options, it is crucial to understand the implications of each choice. While Salesforce is the largest CRM provider globally, Veeva has carved out a niche in the life sciences industry. The upcoming fork in the road demands attention from the industry to grasp the nuances of each platform and how they align with their business goals.
The two companies have been intertwined since Veeva’s inception in 2007, built on the Salesforce CRM platform. However, as both companies develop new products post-split, the paths they take diverge. With the industry evolving rapidly, drugmakers must consider how these changes impact their interactions with customers and adapt accordingly.
The decision between Salesforce and Veeva will hinge on what drugmakers seek to achieve with their CRM platforms. Salesforce is focusing on AI-driven connectivity, while Veeva is emphasizing its strengths in sales rep interface and content. Each platform will offer unique features tailored to the needs of individual companies, and the choice will ultimately depend on specific requirements and preferences.
Salesforce’s Life Sciences Cloud, developed in partnership with IQVIA, promises greater cohesion through AI-powered customer engagement. On the other hand, Veeva’s Vault CRM Suite offers industry-specific programming and a familiar user experience for life sciences companies. As the divorce unfolds, both companies are vying for clients’ attention, with Salesforce reportedly poaching some big customers from Veeva.
In a rapidly changing healthcare landscape marked by data abundance and complex therapies, drugmakers must strategically assess their options and choose a path that aligns with their long-term goals. With both Veeva and Salesforce showcasing their capabilities ahead of the split, pharma companies have time to evaluate their preferred platform and make an informed decision.
As Phelan advises, companies need to consider the radically different future ahead and strategically assess the key factors that are important to them. The split between Veeva and Salesforce presents an opportunity for pharmas and biotechs to rethink their customer engagement strategies and embrace the evolving technologies shaping the industry.
