Veeva’s Antitrust Lawsuit Against IQVIA Advances With Widespread Industry Support
Veeva Systems (NYSE: VEEV) today announced it is gaining widespread customer support for its antitrust lawsuit against IQVIA (NYSE: IQV). Six of the largest global pharmaceutical companies were among more than 70 depositions gathered as part of the fact discovery phase of the case. As its initial lawsuit successfully advances, Veeva filed a motion this week to expand its legal action to include additional Veeva software applications that IQVIA is excluding customers from using with IQVIA data.
“Competition and an open market are key to a healthy economy and are essential in technology, software, and data markets,” said Doug Bernheim, chair of the department of economics at Stanford University and partner at Bates White, LLC. “Antitrust law defends customers from any one company asserting their power and control over customers’ choices, and the law should be enforced when the economy is deprived of the benefits of competition.”
IQVIA has a long history of abusing its monopoly position to limit customers and competition. Since 2014, IQVIA has prevented companies from using OneKey reference data with Veeva’s master data management software, Veeva Network Customer Master. Over the past two years, IQVIA also began restricting the use of all IQVIA data with Veeva Nitro, a next-generation commercial data warehouse, Veeva Andi, an artificial intelligence (AI) application, and other Veeva software applications.
After three years of trying to work with IQVIA in good faith toward a resolution regarding Veeva’s master data management software to no avail, Veeva filed its first antitrust lawsuit in 2017 to end IQVIA’s long history of anti-competitive behavior. IQVIA’s motion to dismiss that case failed and fact discovery is now substantially complete. Trial is expected to take place in late 2021.
Veeva filed a second antitrust lawsuit in 2019 to address IQVIA’s continued abusive restrictions on customers, this time with Veeva’s commercial data warehouse product. Now Veeva is expanding the scope of this lawsuit to cover the ever-increasing list of Veeva software applications that IQVIA is preventing customers from using, including Veeva’s AI product.
“Antitrust law has long protected consumers from platform providers like IQVIA who attempt to extend their market dominance from one product to another by denying their customers access to alternative, better solutions from competing vendors,” said Keith Sharfman, professor of law, St. John’s University School of Law. “If successful, Veeva's case against IQVIA will free customers who are currently prevented from using the data and software of their choice.”
Veeva aims to remove the restrictions IQVIA places on companies. Successful judgments would forever prevent IQVIA from blocking customer choice. Veeva is committed to achieving a successful resolution for the industry that ends IQVIA’s long track record of monopoly abuse, despite IQVIA’s baseless claims and motions attempting to prevent the case from reaching trial.
“IQVIA is harming the life sciences industry by blocking third-party data agreements that ultimately slow getting treatments to the patients that need them,” said Peter Gassner, founder and CEO of Veeva. “We have built a very strong case against IQVIA and the evidence continues to mount. We will keep doing what's best for our customers despite attempts by IQVIA to keep this case from being heard. Thanks to the many biopharmaceutical companies from across the industry who testified to IQVIA’s abusive monopolistic practices.”
Customers dealing with IQVIA data restrictions should voice their concerns directly to IQVIA and consider alternative suppliers for both data and CRO services. To stay up-to-date on the status of Veeva’s antitrust lawsuit against IQVIA, visit veeva.com/NoDataRestrictions.
About Veeva Systems
Veeva Systems Inc. is the leader in cloud-based software for the global life sciences industry. Committed to innovation, product excellence, and customer success, Veeva serves more than 800 customers, ranging from the world's largest pharmaceutical companies to emerging biotechs. Veeva is headquartered in the San Francisco Bay Area, with offices throughout North America, Europe, Asia, and Latin America. For more information, visit veeva.com/eu.
This release contains forward-looking statements, including the timing, impact and outcome of Veeva’s antitrust lawsuit with IQVIA, the effect of IQVIA’s practices on the life sciences industry, Veeva, and Veeva’s customers, the ability of Veeva customers to use Veeva products, and general business conditions, particularly in the life sciences industry. Any forward-looking statements contained in this press release are based upon Veeva’s current plans and expectations, and are not a representation that such plans 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, 2019. This is available on the company’s website at veeva.com under the Investors section and on the SEC’s website at 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.
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Nike Extends its Athletic Leadership5.2.2020 19:00:00 CET | Press release
Today, NIKE, Inc. (NYSE: NKE), unveiled breakthrough innovation for athletes competing in the Tokyo 2020 Games, including footwear designed to provide runners with a measurable performance benefit for a new era of competition. The NEXT% platform, introduced by barrier-breaking marathoner Eliud Kipchoge, will now expand into new disciplines following its unparalleled success in distance running. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200205005708/en/ An international group of athletes joined the Nike 2020 Forum in New York to unveil the brand's latest performance and sustainable innovations. From left to right: Ibtihaj Muhammad, English Gardner, Leticia Bufoni, Blake Leeper, Timothy Cheruiyot, Dina Asher-Smith, Tomoya Ochiai, Sky Brown, Chris Mosier, Nyjah Huston, DeAnna Price, Bebe Vio, Kevin Mayer, Megan Blunk, Brandi Chastain, Aaron Brown, Sophie Hahn, Aori Nishimura, Diana Taurasi, Miles Chamley-Watson, Leon Schae
Cepton Expands With $50 Million Investment From Koito5.2.2020 18:00:00 CET | Press release
Cepton Technologies, Inc., a leading provider of state-of-the-art, intelligent, lidar-based solutions, announced today that it has raised over $50 million in Series C funding. This brings Cepton’s total funding to nearly $100 million, providing a strong foundation to substantially ramp up its R&D efforts, expand its footprint in the automotive market and support major customers worldwide. The latest funding round was led by Koito Manufacturing Co., Ltd. (TYO:7276), the automotive Tier 1 and world-leading provider of automotive lighting systems, with an investment of $50 million. Existing investors in Cepton also participated in this round. As part of the transaction, Koito will obtain non-exclusive rights to manufacture and sell Cepton’s lidar sensor design for an automotive application, using key components supplied by Cepton. Cepton will use the proceeds to accelerate development and deployment of its advanced lidar technology in ADAS applications, in autonomous vehicle applications,
Imricor Announces First Cases Successfully Performed at Heart Center Dresden5.2.2020 17:40:00 CET | Press release
Imricor Medical Systems, Inc. (Company or Imricor) (ASX:IMR) is pleased to announce the first procedures using the Company’s products following CE mark of the Vision-MR Ablation Catheter have been performed at the Heart Center Dresden. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200205005672/en/ Drs. Christopher Piorkowski (left) and Thomas Gaspar (right) performing iCMR ablations at the Heart Center Dresden (Photo: Heart Center Dresden). Three procedures were successfully performed over two days by Dr. Christopher Piorkowski and Dr. Thomas Gaspar (https://www.herzzentrum-dresden.com/rhythmologie/unser-team/). Additional physicians at the Heart Center Dresden will also begin performing procedures immediately. These procedures mark the first iCMR ablations anywhere in the world to ever be performed outside of a clinical trial. They were performed in an iCMR lab fitted with a Siemens 1.5T MAGNETOM Aera MR scanner. “It’s ano
VALBIOTIS Announces a Global Strategic Partnership With NESTLÉ HEALTH SCIENCE For the Development and Commercialization of TOTUM-63, a Plant-derived Active Substance With Clinically Demonstrated Metabolic Health Benefits on Prediabetics5.2.2020 17:30:00 CET | Press release
Regulatory News: VALBIOTIS (Paris:ALVAL) (FR0013254851 – ALVAL / PEA/SME eligible ), a Research & Development company committed to scientific innovation for preventing and combating metabolic diseases, announces the signature of a global long-term strategic partnership with Nestlé Health Science for the development and commercialization of TOTUM-63, an innovative and patented combination of 5 plant extracts specifically designed to reduce the risk of developing Type 2 Diabetes on prediabetics. Sébastien PELTIER, CEO of VALBIOTIS states: “Nestlé Health Science is an ideal strategic partner for VALBIOTIS. Its global reach, strategic intent to develop science-based nutritional health solutions and focus on fighting metabolic disorders like diabetes will be instrumental to TOTUM-63's worldwide commercialization success. We are excited about the opportunity that this deal brings to VALBIOTIS and to the many millions of people around the world at risk of becoming Type 2 diabetics. This trans
Skilling lanserar branschens första sömlösa integration med Spotwares cTrader, inriktad på erfarna handlare.30.1.2020 08:00:00 CET | Press release
Forex- och CFD-handelsplattformen Skilling annonserade förra veckan lanseringen av branschens första sömlösa integration med Spotwares cTrader - en unik funktion som internt kallas Ett konto. Två plattformar. Detta pressmeddelande använder multimedia. Se den fullständiga versionen här: https://www.businesswire.com/news/home/20200130005070/sv/ Skilling lanserar branschens första sömlösa integration med Spotwares cTrader. (Photo: Business Wire) Funktionen gör att Skilling kan erbjuda sina kunder sömlös handel över två olika handelsplattformar på ett enda Skilling-konto utan att behöva finansiera och hantera två olika konton separat. ”Enkelt uttryckt ville vi ge våra kunder valet vilken handelsplattform de kan använda - vår egen Skilling Trader eller en mer avancerad klientorienterad cTrader. Problemet du har med andra mäklare som erbjuder flera plattformar är behovet av att finansiera två konton separat, upprätthålla sunda marginaler på två olika konton och också ha två uppsättningar av
inRiver utser Per-Olof Schroeder till ny VD29.1.2020 16:43:00 CET | Press release
inRiver, som levererar SaaS-baserade lösningar för Product Information Management (PIM), meddelar att styrelsen idag har utsett Per-Olof Schroeder till ny VD för bolaget. Per-Olof tillträder sin tjänst med omedelbar verkan. “Styrelsen tackar Thor Johnson för hans ledning av bolaget under de två senaste åren, och är glada över att välkomna Per-Olof som vår nye VD," säger inRivers styrelseordförande, Jorgen Smidt. "Per-Olof har en påvisad erfarenhet av att mycket framgångsrikt leda utveckling av SaaS Computing Services, molnbaserade tjänster, och samtidigt leverera stark tillväxt både gällande intäkter, lönsamhet och marknadsandelar. I sin roll som bolagets VD kommer han fortsätta att utveckla inRivers mission att hjälpa våra kunder bli bäst på att marknadsföra och sälja sina produkter." Schroeder har mer än 25 års erfarenhet av ledande befattningar inom IT-branchen, inklusive 15 år på Microsoft, varav sju år som chef över Microsofts Productivity & Business Process Business Group i väste
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom