TraceLink Inc., an end-to-end supply chain platform for life sciences and healthcare, has teamed up with Tecsys, a global authority in supply chain management. This strategic partnership aims to address critical challenges in healthcare systems such as product recall management, regulatory compliance, inventory inefficiencies, and stale data.
Key Points
- Strategic Partnership: TraceLink and Tecsys have formed a partnership to integrate their technologies, enhancing supply chain visibility and management for healthcare systems.
- Solution Features: The collaboration introduces capabilities like compliance with the Drug Supply Chain Security Act (DSCSA), digital recall management, expiry management, and specialized 340B and non-340B inventory handling for the proper purchasing and distribution of drugs and pharmaceuticals.
- Health System Impacts: The integrated solutions promise to improve operational efficiency, reduce compliance costs, and enhance patient safety by streamlining processes and leveraging digital technology.
This partnership is significant as it addresses the urgent need for efficient supply chain management in healthcare, where visibility and compliance are critical.
The Data
- The pandemic caused many healthcare organizations to diversify their supply chains.
- Even before the pandemic’s notorious impacts on supply chains globally and healthcare systems especially, a 2019 Cardinal Health survey revealed weaknesses.
- 25% of those managing supply chains, along with 20% of clinicians, reported that supply chain tasks stressed them out.
- 88% thought that it was important for distributors to play a bigger role in ensuring their organization’s seamless operational performance.
- More recently, in a 2024 survey from symplr, another provider of enterprise healthcare operations software, a third (32%) of healthcare leaders reported that their supply chain teams hadn’t yet returned to pre-pandemic staffing levels.
Industry Context
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.
Bill King, Chief Revenue Officer at Tecsy
This new partnership leverages the strengths of both companies to bring a sophisticated, digital approach to managing healthcare supplies, which could enhance visibility, compliance, and efficiency throughout the healthcare industry. As healthcare systems continue to face challenges such as staff shortages and the complexities of compliance, such innovations are not just beneficial but necessary for the sustainability and improvement of healthcare services.