Today’s Life Sciences Supply Chain and Global Regulations
In today’s life sciences supply chain, illicit activity is thriving: the counterfeit drug market generates 75 billion dollars of business and kills hundreds of thousands of people each year. More than 40 countries have responded with new laws that will, by late 2018, regulate 75% of the world’s prescription medications as they travel through the supply chain.
To achieve compliance, supply chain participants must master the unique track and trace requirements for each country in which they do business; implement a system capable of generating, managing, and storing unprecedented volumes of regulated data; and exchange that data with trade partners and government agencies.
The TraceLink Life Sciences Cloud
To help the industry succeed TraceLink introduced the Life Sciences Cloud, which has quickly become the world’s largest pharmaceutical track and trace network. TraceLink’s platform is purpose-built for serialization and enables a whole new dimension of collaboration, transforming the way that supply chain companies interoperate while seamlessly maintaining compliance.
The TraceLink Life Sciences Cloud is built on Amazon Web Services’ native cloud architecture with a network-tenant platform to deliver scalability, performance, and business-to business connectivity. A single point and click connection to the Life Sciences Cloud allows any company to gain complete global connectivity with all of their trading partners. The Life Sciences Cloud neutralizes data format and transport preferences, seamlessly delivering compliance information to partners regardless of specific system capabilities. It also automatically distributes scheduled software updates necessitated by regulatory changes, resulting in uninterrupted customer compliance.
There are more than 186,000 supply chain companies on the TraceLink network today, including pharmaceutical businesses, wholesale distributors, contract manufacturers and packagers, 3PLs, hospitals, pharmacies, and other dispensing entities. The TraceLink Life Sciences Cloud is a proven solution: to date, it has already processed nearly 20 million US DSCSA Transaction Histories and managed more than 2 billion serialized events to meet multiple markets’ needs. TraceLink provides tailor-made solutions for regulatory requirements in countries around the world, including the United States, China, Brazil, and more.