BOSTON and
MONTREAL, Aug. 1, 2024
/PRNewswire/ -- TraceLink Inc., the largest end-to-end intelligent
supply chain platform for life sciences and healthcare, today
announced a strategic partnership with Tecsys, a global leader in
supply chain management solutions. For healthcare systems, a lack
of supply chain and inventory visibility can lead to a variety of
challenges, including time-consuming product recall management,
regulatory non-compliance, excess inventory carrying costs, lack of
up-to-date product master data and sales catalogs, and more. This
partnership between TraceLink and Tecsys aims to combine
market-leading capability for external supplier integration and
information exchange with industry-acclaimed inventory and
warehouse management functionality.
"Partnering with Tecsys allows TraceLink to offer
health systems the ability to source real-time supply chain
information from 100% of their suppliers directly into their
inventory management system, thereby eliminating time-consuming
effort that busy pharmacy staff have to expend on a variety of
challenges," said Shabbir Dahod,
President and CEO of TraceLink. "This partnership underscores
TraceLink's commitment to delivering innovative multi-enterprise
data and solutions that improve patient outcomes and streamline
supply chain operations, without the need for expensive or
time-consuming enterprise system changes or upgrades."
Integrated Solutions for Enhanced Supply Chain
Management
TraceLink and Tecsys bring together their
respective strengths to offer health systems unparalleled
visibility and control over their supply chains and inventory. The
integration of TraceLink's multi-enterprise digital network
platform with Tecsys' enterprise health warehouse management system
enables health systems to:
- Achieve Compliance with DSCSA: The combined
solution ensures that health systems can meet DSCSA requirements
with the least amount of disruption to their receiving workflow. By
integrating the verification of DSCSA compliance information into
the standard receiving process, the number of scans needed is
significantly reduced, streamlining operations and freeing up
valuable resources.
- Digital Recalls: TraceLink's Digital Recalls solution,
integrated with Tecsys' pharmacy warehouse management system,
provides pinpoint accuracy to the location of recalled product
within the health system, or will notify staff if the product has
already been dispensed to a patient. Recalled product is also
detected upon receiving to ensure that the product does not enter
available inventory. This integrated approach frees up valuable
skilled pharmacy resources and enhances patient safety.
- Expiry Management: The joint solution offers
comprehensive expiry management by maintaining a digital
representation of lot and expiration dates. When combined with
inventory location information supplied by Tecsys, expired or
near-expired products are quickly identified and retrieved, thereby
accelerating the return credit reimbursement.
- 340B Inventory Management:
The partnership ensures precise handling of 340B and non-340B inventory, providing the
correct compliance information before receipt, thus streamlining
inventory management for Covered Entities and Contract
Pharmacies.
Tangible Benefits for Health Systems
The partnership between TraceLink and Tecsys
delivers tangible benefits for health systems, including improved
operational efficiency, reduced compliance costs, and enhanced
patient care. By leveraging the strengths of both companies, health
systems can dramatically simplify their processes, ensuring that
highly skilled personnel can focus on their primary
responsibilities—caring for patients.
"Tecsys is excited to collaborate with TraceLink
to offer integrated solutions that address the unique challenges of
health systems," said Bill King,
Chief Revenue Officer at Tecsys. "TraceLink's ability to source and
maintain digitalized representations of pharmaceutical product,
combined with Tecsys' ability to incorporate that information into
pharmacy workflows and inventory, provides massive efficiencies to
pharmacy resources during staff shortages. Together, we are
providing a robust platform that enhances visibility, improves
efficiency, and supports the critical mission of patient care."
Enhance Pharmacy Inventory Management by
Operationalizing DSCSA Compliance & Reverse Logistics
Join TraceLink, Tecsys, and PharmaLink, the
respective leaders in DSCSA compliance, pharmacy inventory
management, and reverse logistics, on August
6th for a joint webinar to discover innovative solutions
that can boost your operating margins and keep patients safe.
Register now to identify the quick wins available to your team
through the power of supply chain digitalization.
For more information,
visit www.tracelink.com and www.tecsys.com.
About TraceLink
TraceLink is the largest end-to-end intelligent
supply chain platform for life sciences and healthcare. TraceLink's
multienterprise digital network platform enables customers to
seamlessly integrate, collaborate, and execute supply chain
processes across multiple enterprises.
About Tecsys
Tecsys is a global provider of supply chain
solutions that equip organizations with the software, technology,
and expertise to drive operational greatness. Its solutions span
healthcare, retail, third-party logistics, and high-volume
distribution industries, offering dynamic and powerful solutions
for warehouse and service center management, distribution and
transportation management, supply management at point of use,
distributed order management, and complete financial management and
analytics solutions. Tecsys' shares are listed on the Toronto Stock
Exchange under the ticker symbol TCS.
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SOURCE Tracelink, Inc.