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Cloud computing is changing enterprise across all industries, and the recent success of Veeva's IPO is further evidence that the life science industry is no exception.
Cloud computing is changing enterprise across all industries, and the recent success of Veeva’s IPO is further evidence that the life science industry is no exception.
Ten years ago, pharmaceutical companies and medical device makers were not comfortable putting their data in the cloud. There was an (unfounded) fear that cloud companies were not as secure as onsite deployments. Cloud EDC vendors like Medidata were just forming and paving the way to convince sponsors that actually data was safer in the cloud.
Fast forward to today, and the industry is completely different. Medidata is a $3.1 billion company, publicly trading on Nasdaq since 2009. Veeva, now public since October 16, is hovering around $4.5 billion. I founded Comprehend to provide cloud analytics and collaboration across different data collection systems, but there are also dozens of other cloud technology vendors, like Medrio, that’s created a simple yet powerful EDC - and we will continue to see more.
Veeva’s successful IPO is proof that cloud options are serious alternatives to onsite deployments that were most popular two decades ago. Here are the primary reasons every life sciences company should consider cloud, if they haven’t already:
These are some high level benefits of cloud for life science companies. The most important point is that it’s happening, as Medidata and Veeva are proving. We are still in the very early days of cloud adoption in life sciences, with the biggest value savings still ahead of us.
If they haven’t already, every life sciences executive managing clinical operations should consider fully embracing the cloud.