Veeva Systems Uncovers Confidence Gaps in Medtech Regulation
Veeva Systems Uncovers Confidence Gaps in Medtech Regulation
Report highlights the need for automation to enhance regulatory compliance.
Recent findings from Veeva Systems (NYSE: VEEV) shed light on the growing complexities within the regulatory landscape of medtech. A significant 50% of surveyed professionals lack full confidence in the completeness of their regulatory data, essential for global product registrations. This uncertainty exposes a crucial opportunity for medtech companies to move towards automated processes, rather than relying on traditional manual methods that often slow down compliance efforts.
The evolving nature of medical technology demands that organizations not only maintain compliance but also accelerate their approach to regulatory submissions. Regrettably, many of these organizations still engage in time-consuming manual data reconciliations. The undercurrent of this situation is a pressing need for solutions that enhance operational efficiency, facilitating quicker market entries while ensuring data reliability.
Challenges Facing Regulatory Operations
A recent report analyzed the state of regulatory operations within the medtech industry and identified several critical challenges.
Lengthy Submission Timelines
The report reveals that 80% of respondents report taking over a month to prepare for a 510(k) submission, with some indicating it can take more than six months. With each Medical Device Regulation (MDR) submission extending up to two years, companies that can streamline their processes stand to gain substantial advantages, reducing both time and costs.
Time to Market Planning
Despite the importance of timeliness, only a mere 5% of professionals utilize fully automated processes to gauge their time to market. The majority, about 67%, rely on manual methods, complicating the performance analysis and resource allocation. Without proper automation, companies may struggle to respond effectively to market demands.
Identifying Gaps in Regulatory Affairs
Survey respondents highlighted several operational hurdles. The most concerning gaps include heavy administrative burdens (61%), siloed processes (49%), and inefficiencies in digital tool usage (35%). These issues could potentially obstruct product registrations and lead to slower market preparations.
Expanding the Role of Technology
Fortunately, there's a shift occurring in how medtech firms approach regulatory affairs. Approximately 56% of organizations are considering adopting a Regulatory Information Management (RIM) system. Moreover, nearly half are planning to develop integrations among existing systems or implement automated tools for submission tracking, recognizing that interconnected data is essential for operational success.
Seth Goldenberg, president of Veeva MedTech, emphasizes the profound implications the report reveals. He states, "Connecting and automating regulatory processes is not just about compliance, it’s about transforming these functions into strategic enablers for business success. With the need to accomplish more with limited resources, addressing operational inefficiencies will be vital in this evolving regulatory environment."
Implications and Future Directions
The insights shared in the 2025 Veeva Medtech Regulatory Affairs Benchmark highlight how critical it is for organizations to adapt and refine their regulatory operations. By addressing known weaknesses and embracing technological advancements, companies can foster an environment where regulatory functions support accelerated product development cycles.
The report surveyed a varied group of 130 regulatory professionals, providing an extensive overview of the most pressing challenges their teams encounter today. This analysis serves not only as a snapshot of the current state but also as a call to action for the medtech industry to prioritize technological investments that simplify compliance.
About Veeva MedTech
Veeva MedTech specializes in assisting medical device and diagnostics companies in optimizing their product development and commercialization processes. By offering a suite of applications that enhance clinical, regulatory, quality, and commercial operations, Veeva aims to streamline workflows and improve delivery timelines for medical products, ultimately fostering better patient outcomes.
About Veeva Systems
Veeva Systems stands as a leading provider of cloud-based software tailored for the life sciences sector. Upholding a commitment to innovation and client success, Veeva serves over 1,000 customers, spanning from major biopharmaceutical firms to growing biotech companies. As a Public Benefit Corporation, Veeva prioritizes balanced stakeholder interests, including customers, employees, and the wider industry, ensuring a responsible approach to business growth.
Frequently Asked Questions
1. What are the main findings of the Veeva Medtech report?
The report reveals a lack of confidence in data quality among medtech professionals, highlights long submission timelines, and identifies significant gaps in regulatory processes.
2. What percentage of respondents feel confident in their regulatory data?
50% of respondents expressed a lack of confidence in the completeness of their regulatory data for product registrations.
3. How are medtech organizations planning to improve regulatory processes?
A significant number are looking to adopt Regulatory Information Management (RIM) systems and automated tools to enhance efficiency.
4. What is the impact of manual processes in regulatory affairs?
Relying on manual processes increases administrative burdens and complicates timely performance insights, which may hinder market readiness.
5. Who conducted the survey featured in the report?
The survey was conducted by Veeva Systems, gathering insights from 130 regulatory professionals to understand current challenges in medtech regulation.
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