BARCELONA, Spain and PARIS, January 8, 2015 /PRNewswire/ --
BMI SYSTEM becomes preferred Veeva Network partner for spend transparency; BMI SYSTEM selects Veeva Network as preferred customer master solution
Veeva Systems and BMI SYSTEM today announced BMI SYSTEM joins the Veeva Network Partner Program. The companies also announced Veeva Network is now BMI SYSTEM's preferred customer master solution. The integrated BMI SYSTEM's NAYA Transparency solution and Veeva Network Customer Master software enables unprecedented accuracy of spend reporting and compliance with new European Federation of Pharmaceutical Industries and Associations (EFPIA) payment disclosure requirements.
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Burdened with multiple systems for managing customer data, life sciences companies have struggled to streamline payment-tracking processes and deliver accurate reporting. Today, facing increasingly stringent compliance and disclosure regulations, the industry is seeking efficient ways to meet these demands at a global, regional, and local level. In Europe, EFPIA has mandated companies publically disclose the monetary value of most payments - including financial sponsorship and other significant direct and indirect support - made to local healthcare professionals (HCPs) and healthcare organisations (HCOs) by January 2016.
Veeva Network Customer Master software and BMI SYSTEM's NAYA Transparency solution dramatically simplify the tracking and capture of large, complex volumes of HCP and HCO expenditure data across multiple source systems and countries, with every individual recipient uniquely identified to avoid data duplication. It provides the flexibility required to fully comply with EFPIA guidelines and local market regulations for each of the 33 countries in the initiative, many of which have differing reporting requirements. In addition, it centralises and manages compliance-related information for every covered recipient. Transparency HCP related data attributes are captured by NAYA and seamlessly integrated into Veeva Network, enabling better HCP engagement by customer-facing teams and faster information audit and monitoring when required.
"The new EFPIA transparency code has significant consequences for life sciences," said Dr. Peter Dieners, a leading healthcare industry compliance lawyer at Clifford Chance, recently in Corporate Compliance Zeitschrift magazine. "Strong data governance capabilities are needed in order to enable the collection, storage, and publishing of relevant data as and when required." Technology that automates and speeds the management of this information will help avoid the risk of non-compliance.
"The need for transparency within the pharmaceutical industry has never been greater, especially with the fast-approaching EFPIA deadline," said Guillaume Roussel, director of strategy for Veeva Network in Europe. "A solution that allows organisations to manage diverse data sources more effectively for a single view of customer spend is essential to not only meet regulatory requirements, but also to maintain business integrity and public trust."
Traditional customer data management systems have typically utilised cumbersome and highly manual processes, which can take weeks to compile the relevant information. Veeva Network's cloud architecture enables real-time data verification and update, ensuring fast, accurate spend capture and reporting right down to the individual level.
The Veeva Network Customer Master solution uniquely identifies every covered recipient and centralises HCP-related compliance information. BMI SYSTEM's NAYA solution provides a spend data repository and reporting engine to enable the spend publication based on local disclosure requirements. The integration between the two solutions allows for seamless exchange of information to ensure accurate and consistent spend transparency.
"A complete, clean customer master is the prerequisite for accurate spend reporting, but it's often the missing part of the equation," added Roussel. "Bringing Veeva Network customer master together with BMI SYSTEM's NAYA solution together greatly accelerates our customers' ability to meet EFPIA requirements through seamless implementation, saving them developing costly and laborious custom-built systems."
"Veeva Network and NAYA finally allow life sciences to effectively track, manage, and report large volumes of data across channels and markets - with a single, accurate repository of spend data in the cloud," said Francis Geysermans, co-founder of BMI SYSTEM. "As regulations evolve, the agility and flexibility delivered by cloud technology will be key to adapting quickly to market and compliance changes."
About BMI SYSTEM
BMI SYSTEM is a software design company dedicated to transparency, regulatory compliance and process optimisation for pharmaceutical, medical device and cosmetics industries. With its NAYA software suite, BMI SYSTEM supports more than 50 clients across 30 countries in their compliance of local and global regulations across Europe and North America. For more information, visit http://www.bmi-system.com.
About Veeva Network and Veeva Commercial Cloud
The Veeva Network line of customer master solutions offers life sciences-specific data, software, and stewardship services. Through Veeva Network, life sciences companies can gain direct access to millions of accurate customer profiles generated from authoritative industry sources worldwide. Veeva's data stewards verify all information, rigorously safeguarding data integrity. And Veeva Network's customer master application gives companies a single, global data model for multi-country master data management.
Veeva Network is part of Veeva Commercial Cloud, a unified set of applications that marries multichannel interactions, customer data, and compliant content. With Veeva CRM, Veeva Network customer master, and Veeva Vault for regulated content management interoperating seamlessly in the cloud, companies can deliver a fully orchestrated, personalised customer experience across all channels while ensuring compliance. Companies have seamless access to multichannel sales and marketing, targeting, reference, and compliance data all in Veeva Commercial Cloud.
Additional Information
About Veeva Systems
Veeva Systems Inc. is a leader in cloud-based software for the global life sciences industry. Committed to innovation, product excellence, and customer success, Veeva has more than 200 customers, ranging from the world's largest pharmaceutical companies to emerging biotechs. Veeva is headquartered in the San Francisco Bay Area, with offices in Europe, Asia, and Latin America. For more information, visit http://www.veeva.com.
Forward-looking Statements
This release contains forward-looking statements, including statements regarding benefits from the use of Veeva's solutions and general business conditions. Any forward-looking statements contained in this press release are based upon Veeva's historical performance and its current plans, estimates and expectations, and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent Veeva's expectations as of the date of this press announcement. Subsequent events may cause these expectations to change, and Veeva disclaims any obligation to update the forward-looking statements in the future. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially. Additional risks and uncertainties that could affect Veeva's financial results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," in the company's filing on Form 10-Q for the period ended October 31, 2014, which is available on the company's website at http://www.veeva.com under the Investors section and on the SEC's website at http://www.sec.gov. Further information on potential risks that could affect actual results will be included in other filings Veeva makes with the SEC from time to time.
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