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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.
