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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