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With 2024 fast approaching, we wanted to look back at all that TraceLink and our customer and partner communities accomplished together over the course of 2023. From implementing best practices for the U.S. Drug Supply Chain Security Act (DSCSA) to collaborating on a revolutionary new digital recall solution, 2023 was an exciting year as we worked together to find answers to the biggest obstacles impacting the life sciences and pharmaceutical industry. Here are the top five TraceLink headlines of 2023:
1. TraceLink prepares the industry for the final set of DSCSA 2023 compliance requirements
On November 27, the final set of compliance requirements for the DSCSA went into effect. TraceLink spent most of 2023 helping the pharmaceutical supply chain gear up for this momentous occasion. This includes educating our customers and the broader industry and delivering solutions that ensure compliance with DSCSA requirements.
- DSCSA 2023 Webinar Series: With two tracks for manufacturers/wholesale distributors and retail pharmacies/health systems, this webinar series delivered actionable insights and best practices on every facet of DSCSA. There were 16 sessions covering topics from making business processes and procedures DSCSA-compliant to leveraging serialization data to drive additional business value.
- Supply Chain Work Management (now POET): The exchange of unit-level serialization data as required by DSCSA adds significant complexity to supply chain operations. This will result in a spike of compliance exceptions—especially in the early stages of compliance with the 2023 DSCSA requirements. In August, TraceLink launched Supply Chain Work Management (now POET), enabling the industry to improve partner collaboration and resolve exceptions before they disrupt the flow of product and impact patients.
- FDA Stabilization Period Guidance: When the U.S. Food and Drug Administration (FDA) announced a 12-month DSCSA stabilization period, there was considerable confusion on the implications for the industry. In September, TraceLink delivered comprehensive advice on what needs to happen during the stabilization period, including a webinar that was attended by more than 300 supply chain professionals. Attendees got an overview of the stabilization period and a timeline for achieving compliance within the 12-month timeframe.
No matter where you are on your DSCSA compliance journey, TraceLink is here to support you. More than 5,400 connections on the TraceLink network are ready to receive EPCIS data, and 250+ companies are already exchanging EPCIS.
2. TraceLink launches MINT, the most cost-effective way to integrate and exchange data with 100% of your trade partners
Business leaders across the healthcare and life sciences industries are actively seeking to improve visibility with access to real-time supply chain intelligence through B2B network integration with supply chain partners. But the traditional methods of integrating with partners, including EDI and point-to-point models, are too expensive to create and maintain. The vast majority of manufacturers integrate only with their biggest supply chain partners. This leaves them susceptible to critical visibility gaps that can disrupt operations.
At the LogiPharma life science supply chain conference in April, TraceLink launched our answer to this challenge: TraceLink Multienterprise Information Network Tower (MINT). With a single integration to the proven TraceLink network, MINT enables supply chain partners to exchange purchase orders, invoices, advance ship notices (ASNs), production forecasts, and many other common business transactions at a fraction of the cost and time of alternative methods like EDI or P2P models. Our disruptive pricing model is based on the number of trading partners and the number of transaction types, with no onboarding costs or unpredictable usage fees.
The industry has already taken notice—TraceLink MINT recently won the 2023 Pharma Innovation Award, which celebrates groundbreaking technologies within the pharmaceutical manufacturing sector.
3. Product Availability Intelligence protects more than 500,000 people from drug shortages
Drug shortages continue to be a big issue in the healthcare supply chain. A 2023 survey conducted by the American Society of Health-System Pharmacists (ASHP) found that 99% of pharmacists and pharmacy technicians have experienced a drug shortage, with many pharmacies planning to increase their drug and labor budgets by 15% or more just to keep up.
TraceLink Product Availability Intelligence is dedicated to predicting drug shortages, leveraging the anonymized data flowing through the TraceLink network to predict shortages up to 90 days in advance. In 2023 alone, Product Availability Intelligence helped protect more than 500,000 people globally from drug shortages, and customers using our solution have reportedly saved millions of dollars in revenue by minimizing the impact of shortages.
Product Availability Intelligence won several awards this year, highlighting the impact it's having on the industry. In June, SupplyTech Breakthrough crowned it “Predictive Analytics Solution of the Year''. More recently, Product Availability Intelligence was awarded a Bronze medal in the prestigious Merit Awards for Healthcare Innovation.
4. Digital Recalls transforms drug recall management, freeing up hours of pharmacist and pharmacy technician time
Pharmacies across the country are facing labor shortages and the growing number of drug recalls further exacerbate this issue. The process of sifting through notifications, identifying affected inventory, and retrieving recalled products is arduous and time consuming, with every second spent on recall management taking time away from serving patients.
In November, TraceLink unveiled Digital Recalls, a new solution that radically transforms drug recall management by digitalizing the process from end to end. TraceLink Digital Recalls is a workflow orchestration solution that delivers real-time notifications straight from the FDA and streamlines recall collaboration across pharmacy locations. This approach to recall management enables pharmacies to reduce time spent on drug recalls by 40% or more in some instances.
One pharmacy, a member of our customer launch program, expects to save more than 21,000 hours across all of its sites with TraceLink Digital Recalls. You can learn more by watching our recent Digital Recalls webinar.
5. FutureLink returns in 2023 and lays the foundation for innovation in end-to-end supply chain visibility
FutureLink, the premier supply chain business conference for the pharmaceutical and life sciences industry, made a triumphant return in 2023, marking the end of a three-year hiatus.
Hosted by TraceLink, FutureLink 2023 gathered hundreds of supply chain practitioners and experts representing leaders from across the industry to discuss innovation in track and trace, compliance, and end-to-end product orchestration. More than 30 keynotes, sessions, master classes, and roundtables were delivered by industry luminaries from companies like Eli Lilly, AmerisourceBergen, Thermo Fisher Scientific, Optum, and many others. Watch the video to see some highlights from the event.
If you missed this year’s conference, don’t worry—FutureLink Boston 2024 will take place on May 29-31. Registration is now open, and we have a special early bird price that runs through February 1. Book your ticket today and we'll see you there!
