TraceLink Drives Pharma Industry Transformation, Reports Massive 2014 Revenue and Network Growth
TraceLink Inc., the leader in protecting patient safety and enabling health for global Life Sciences, today announced record fourth quarter and full-year growth for 2014. As US pharmaceutical manufacturers and distributors worked to meet track and trace compliance requirements under the Drug Supply Chain Security Act(DSCSA), which became law on January 1, 2015, TraceLink experienced widespread customer adoption of its Life Sciences Cloud platform. The company achieved a 173% increase in new customers for Q4, and a 680% increase in new customers year-over-year (YoY). These new customers wins, which range from large global pharmaceutical conglomerates to smaller wholesale distributors and pharmacy chains, contributed to a YoY revenue increase of 137%—and a two-year revenue compound annual growth rate (CAGR) of 91%.
“The past year has been a defining moment for our industry, our customers, and our company. We’re very pleased with our results, and we see even larger opportunities in front of us,” said Shabbir Dahod, president and CEO of TraceLink. “In the US, DSCSA has many phases and pharmaceutical suppliers are already working to address the complex requirements of serializing their products in advance of the 2017 deadlines. At the same time, new and emerging regulations are fast approaching across a broad range of countries in Latin America, Asia and Europe. Our differentiated network platform, proven success with customers, and continued financial momentum put TraceLink in an excellent position to capitalize on these converging opportunities and drive steady increases to our global market share.”
Other significant TraceLink growth milestones for 2014 included:
- Establishing a supply chain network with more than 80,000 members—the first and largest track and trace network for the pharmaceutical industry that enables manufacturers, distributors and dispensers to create and share required compliance documents with their trading partners;
- Achieving 75% market share among the world’s most influential pharmaceutical brands—with 15 of the top-20 global pharma companies now using TraceLink solutions;
- Tracking more than 100 million products moving through the US pharmaceutical supply chain—all with DSCSA compliant Advance Shipping Notices (ASNs);
- Ensuring DSCSA compliance for medicines that generate more than $155 billion in US annual revenue—further reinforcing TraceLink’s overall market share leadership of track and trace solutions for the Life Sciences industry;
- Increasing staff by 127% across all areas of the business—to accommodate increasing customer demand, both domestically and internationally; and,
- Becoming the first technology provider to deliver a live DSCSA solution well in advance of the January 1, 2015 deadline—including the November 2014 delivery of the preferred document specifications established by each member of the Big Three wholesale distributors, AmerisourceBergen, Cardinal Health, and McKesson.
To learn more about meeting global pharmaceutical compliance deadlines designed to combat drug counterfeiting, and how to build a flexible global serialization, track and trace, and reporting platform for Brazil, China and other countries, visit www.tracelink.com.
TraceLink protects patients, enables health and ensures compliance for companies across the global Life Sciences supply network, including fifteen of the top-20 global pharmaceutical companies. Leading businesses trust the TraceLink Life Sciences Cloud, our Amazon AWS-based cloud application platform, to deliver complete global connectivity, visibility and traceability of pharmaceuticals from ingredient to patient. A single point and click connection to the Life Sciences Cloud creates a supply chain control tower that 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 used by 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 or follow us on LinkedIn.
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.