July 21, 2014
TraceLink Inc., the leader in protecting patient safety and enabling health for global Life Sciences, announced today record sales and network growth driven by customer investments in global track and trace compliance. With 26 new major signings gained in the second quarter, TraceLink and the TraceLink Life Sciences Cloud is now entrusted by ten of the top 15 global pharmaceutical companies for meeting U.S. Drug Supply Chain Security Act (DSCSA), China, Korea and other global pharmaceutical supply chain requirements. TraceLink gained 220% year-over-year bookings growth in the second quarter of 2014 propelled by deals with pharmaceutical industry leaders spanning 10 different countries.
“TraceLink today protects integrity and ensures compliance of over $175 billion in pharmaceutical products,” said Shabbir Dahod, president and CEO of TraceLink. “We’ve earned our customer’s trust because we are committed to understanding their unique business operations, their diverse supply networks and their long-term vision for strategic value from compliance investments. These are some of the key reasons why, particularly in an uncertain regulatory environment, companies partner with TraceLink on these crucial issues.”
U.S. DSCSA compliance drove significant growth in compliance projects throughout the second quarter as the industry prepares to meet extensive new tracing and verification regulations starting January 1, 2015. Partnering with new customers, TraceLink’s Network Management Services team is now onboarding over 25,000 network participants onto the TraceLink Life Sciences Cloud in the third quarter alone. As a result, TraceLink customers will be able to exchange DSCSA compliance documentation, through a single connection, with a network spanning 150 pharmaceutical company, 200 CMO/CPO/repackager, 1,000 wholesale distribution and 23,700 pharmacy/hospital/clinic locations by September.
Global track and trace compliance deadlines in China, Korea, Brazil and elsewhere accelerated the strategic shift from traditional, highly customized one-off solutions to a global, harmonized compliance approach on the TraceLink Life Sciences Cloud. China serialization and compliance reporting transactions managed by the Life Sciences Cloud expanded 300% as over 10 million new pharmaceutical products were added by TraceLink customers serving the China market.
By 2018, 75% of the global pharmaceutical market, representing over 10 billion units a year and over 200,000 supply network participants, will be under one or more serialization and traceability regulations. To be ready, a company needs a network compliance platform and solution partner with three crucial characteristics:
Traditional enterprise solutions and generic B2B data management tools simply cannot cost-effectively handle the scale of today’s global supply network, lack crucial network compliance features and require massive customization or are just abandoned all-together when markets and technologies evolve, leaving customers stranded.
“Regulations, technologies, supply chain requirements and industry standards continuously change and customers appreciate our commitment to keep up with their changing business environment and our responsiveness to their unique needs,” added Dahod. “We deliver solutions that customers can build long-term supply strategies around.”
Developed in 2009 and continuously evolved to meet the needs of the pharma supply chain, the TraceLink Life Sciences Cloud is the only secure cloud-based network platform designed for mission-critical Life Sciences operations and providing a highly connected and agile network linking pharmaceutical companies, CMO/CPOs, 3PLs, wholesalers and pharmacies. A single link to TraceLink’s validated and audited platform provides complete connectivity to all suppliers and trading partners in a company’s business network regardless of technical capabilities or data exchange preferences. The benefits:
Learn more about TraceLink’s pharmaceutical track and trace solutions and supply network tower applications at www.tracelink.com.
TraceLink protects patients and enables health for companies across the global Life Sciences supply network through the TraceLink Life Sciences Cloud. The TraceLink Life Sciences Cloud is an Amazon AWS-based cloud application platform which enables complete global connectivity, visibility and traceability of pharmaceuticals from ingredient to patient. A single point and click connection to the Life Sciences Cloud delivers the information, insight and collaboration needed to improve performance and reduce risk across global supply, manufacturing and distribution operations. Winner of numerous industry awards including the Amazon AWS Global Start-Up Challenge Grand Prize and the Edison Award for Innovation in Health Management, the TraceLink Life Sciences Cloud is trusted by ten of the top-15 pharmaceutical companies and businesses across the globe to meet strategic goals in ensuring global compliance, fighting drug counterfeiting, improving on-time and in-full delivery, protecting product quality and reducing operational cost. For more information on TraceLink and our solutions, visit www.tracelink.com.
TraceLink is funded by FirstMark Capital. FirstMark Capital is an early stage venture capital firm based in New York City. FirstMark’s mission is to partner with exceptional entrepreneurs who are changing the world by solving meaningful problems. FirstMark has built a deeply engaged community among the extraordinary teams in the FirstMark network to spread ideas and opportunities. FirstMark is privileged to work alongside the founders of remarkable businesses like Pinterest, Lumosity, Aereo, TapAd, Shopify, Riot Games, and dozens more. Visit FirstMark in New York City or online at firstmarkcap.com and @FirstMarkCap.