📰 Salesforce Attracts Pharma Clients From Veeva
Salesforce new life sciences product gaines traction as top pharma companies switch from Veeva.
Salesforce CRM 0.00%↑ is making significant strides in the life sciences sector, with over 40 customers, including a leading global pharmaceutical company, already committing to its soon-to-launch product. This move comes as Salesforce targets pharmaceutical customer relationship management (CRM) software, traditionally dominated by Veeva, which controls over 80% of the market.
The shift follows Veeva's decision to end its longstanding partnership with Salesforce in late 2022, allowing Veeva to expand its product suite independently. Since then, Salesforce has aggressively developed a competing CRM offering, attracting interest from pharmaceutical giants seeking alternatives.
Jeff Amann, executive vice president of Salesforce’s industry-specific software lines, noted that many customers, disillusioned with Veeva's new direction, are eager to stay with Salesforce. The company is working quickly to expand its development teams to meet the growing demand for its life sciences product, which is expected to debut in September.
Veeva, however, remains confident in retaining its market share. Despite losing some large clients to Salesforce, Veeva believes its 20 years of optimizing CRM tools for life sciences will keep most customers loyal. Veeva's CEO, Peter Gassner, also emphasized that Salesforce’s offering may be more expensive and less specialized for the pharmaceutical industry.
As Salesforce prepares to launch its product, the competition with Veeva is expected to intensify, with both companies aiming to capture a larger slice of the lucrative pharmaceutical market.
Source: Yahoo Finance, Bloomberg
Disclaimer:
The information and opinions provided in this article are for informational and educational purposes only and should not be considered as investment advice or a recommendation to buy, sell, or hold any financial product, security, or asset. The Future Investors does not provide personalized investment advice and is not a licensed financial advisor. Always do your own research before making any investment decisions and consult with a qualified financial professional before making any investment decisions. Please consult the general disclaimer for more details.