Veeva Systems CEO on powering Covid-19 treatments, pharma partnerships

This video features Peter Gassner, CEO and founder of Veeva Systems, discussing his company's pivotal role in supporting the life sciences industry, particularly in the context of the COVID-19 pandemic. The interview, conducted by CNBC's "Squawk on the Street" team, delves into how Veeva's technology bridges operational gaps and enhances efficiency for pharmaceutical companies, from drug development to manufacturing and distribution. Gassner provides a comprehensive overview of Veeva's contributions to accelerating the delivery of critical treatments and vaccines, highlighting the industry's rapid response and the underlying technological infrastructure.

Gassner elaborates on the specific ways Veeva's technology empowers life sciences companies. He explains that Veeva provides solutions for designing and operating clinical trials, collecting and analyzing patient data, and monitoring manufacturing controls. This includes ensuring that production processes are compliant and safe, which is paramount in the highly regulated pharmaceutical sector. The CEO emphasizes that their technology is instrumental in helping companies become more efficient and effective, ultimately speeding up the process of bringing essential medicines and therapeutics to market. The discussion frequently circles back to the unprecedented speed at which the life sciences industry developed COVID-19 vaccines, attributing part of this success to cloud technology and the dedication of their customers.

A significant portion of the conversation is dedicated to the broader impact of Veeva's work on productivity, efficiency, and cost reduction within the pharmaceutical industry. Gassner underscores that cloud technology enables companies to streamline operations, reduce costs, and accelerate timelines, which was particularly critical during the pandemic. He expresses immense pride in the life sciences industry's performance, giving it an "A" grade for its rapid innovation and deployment of vaccines, noting that such speed was previously unimaginable. He also points out that long-term investments in technologies like RNA, made years ago, are now paying off dramatically. The interview concludes with a discussion of Veeva's recent conversion to a Public Benefit Corporation (PBC), a move that legally obligates the company to consider the interests of its customers, employees, and society alongside shareholders, signaling a shift towards a more inclusive form of capitalism.

Key Takeaways:

• Veeva Systems' core mission is to serve the life sciences industry by providing technology that significantly enhances efficiency and effectiveness in the development and distribution of medicines and therapeutics.
• The company's technology supports critical stages of drug development, including the design and operation of clinical trials, the collection and analysis of patient data, and the rigorous monitoring of manufacturing controls.
• A key focus of Veeva's solutions is ensuring regulatory compliance and safety throughout the entire manufacturing process, which is vital for pharmaceutical and biotech companies.
• Cloud technology is highlighted as a fundamental enabler for achieving greater efficiency and speed, particularly in accelerating the development and market entry of new treatments like COVID-19 vaccines.
• The life sciences industry demonstrated an unprecedented level of speed and productivity during the pandemic, a success partially attributed to the availability of advanced technology and significant prior investments in areas such as RNA technology.
• Veeva Systems recently made history by becoming the first public company to convert to a Public Benefit Corporation (PBC), following an overwhelming shareholder vote of over 99% in favor.
• This PBC conversion legally expands Veeva's corporate responsibility beyond just financial returns for shareholders to include a broader commitment to customers, employees, and society in general.
• The move to a PBC signifies a strategic shift towards a new model of capitalism that integrates social and environmental considerations alongside traditional financial objectives, aligning with the growing trend of ESG investing.
• The CEO expresses strong confidence and pride in the life sciences industry's ability to innovate rapidly and deliver critical solutions under immense pressure, despite the inherent challenges in vaccine distribution.
• The discussion underscores the ongoing and accelerating digitization of the pharmaceutical sector, where technology plays an increasingly crucial role in bridging operational gaps, optimizing processes, and improving overall outcomes.

Key Concepts:

• Public Benefit Corporation (PBC): A type of for-profit corporate entity, authorized in many U.S. states, that includes positive impact on society and the environment in addition to profit as its legally defined goals.
• ESG Investing: Environmental, Social, and Governance investing, a framework used to evaluate corporate performance and ethical impact beyond traditional financial metrics.
• Digitization of Life Sciences: The ongoing transformation of pharmaceutical and biotech operations through the adoption of digital technologies to improve efficiency, data management, and regulatory compliance.
• Clinical Trials: Research studies conducted on human volunteers to evaluate the safety and efficacy of new drugs, medical devices, or treatments.
• Manufacturing Controls: Systems and procedures implemented in pharmaceutical manufacturing to ensure product quality, consistency, and compliance with regulatory standards.

Examples/Case Studies:

• COVID-19 Vaccine and Treatment Development: The video frequently references the rapid development and distribution of COVID-19 vaccines and treatments as a prime example of the life sciences industry's efficiency and the role of technology.
• RNA Technology Investment: Peter Gassner specifically mentions the significant investments made in RNA technology six to ten years prior, which proved crucial in enabling the rapid development of mRNA-based COVID-19 vaccines.