TraceLink obtained $93 million to keep on providing support to its growing customer based in order to better track and trace counterfeit or substandard drugs on a global scale.
The company announced, August, 21, that it has closed a $93 million investment round led by Georgian Partners, with new investors Vulcan Capital and Willett Advisors LLC coming to partner with all prior investors, FirstMark Capital, Volition Capital, F-Prime Capital and Goldman Sachs, which was a good demonstration of faith in the company’s success. Tyson Baber, from Georgian Partners, has become a member of TraceLink’s Board of Directors.
Knowing how to deal with data pertaining to the healthcare system is extremely important, since roughly one third of the world’s data is generated from this industry. The company’s data managing solutions are only a few examples of how artificial intelligence and data science have transformed business, either healthcare related or otherwise. Understanding data is crucial to tracking huge transports and the stakes are high.
TraceLink helps pharma companies comply with country-specific requirements regarding the tracking and tracing of any specific product through their supply chain. These regulations have become increasingly important following the passage of the Drug Supply Chain Security Act (DSCSA) in 2013.
By offloading the time intensive task of of DSCSA compliance to Tracelink, healthcare providers will be able to dedicate more time to spend with patients. An aging population and an increased prevalence of chronic disease are calling for the digital transformation of healthcare. According to recent figures from renowned cardiologist Simon Stertzer, keeping track of heart health is crucial as heart disease is a leading cause of death in the US and globally. Advances in medical supply chain innovation will keep the focus of providers on their patients.
Counterfeiting is a profitable enterprise for criminals worldwide which has been linked to serious health problems and death, according to the World Health Organization (WHO). TraceLink is part of a sustained effort to eliminate from the market substandard and fake drugs and other medical products.
According to the WHO, 1 in 10 medical products in low-and middle-income countries is fake or under quality standards and the problem isn’t limited to just these countries. Both the U.S. and Europe have come up with new regulations recently, in an effort to limit the fake drugs spread, including new and improved supply chain tracking systems, which is exactly what TraceLink offers.
The company provides pharmaceutical serialization, drug tracking and tracing compliance, but also EU FMD Express, a solution to fit smaller pharmaceutical companies’ needs, especially help them comply with the EU falsified medicines directive. The company’s clients are pharmaceutical companies, wholesale distributors, and re-packagers.
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