TraceLink Wins "Predictive Analytics Solution of the Year" Award in 2023 SupplyTech Breakthrough Awards Program
The annual awards program recognizes innovation in the global supply chain technology and logistics industry.
BOSTON, June 15, 2023 /PRNewswire/ -- TraceLink Inc., the leading digital network platform company enabling end-to-end product orchestration by connecting more than 290,000 healthcare and life sciences entities through its B2N Integrate-Once™ network, today announced that Product Availability Intelligence has been selected as the "Predictive Analytics Solution of the Year" in the annual SupplyTech Breakthrough Awards program conducted by SupplyTech Breakthrough, a leading independent market intelligence organization that evaluates and recognizes standout technology companies, products, and services in the supply chain technology and logistics industry around the globe.
Product Availability Intelligence leverages the collective intelligence of the world's largest network of 300,000 life sciences and healthcare supply chain entities to predict the potential existence, length, and intensity of drug shortages long before any existing industry data source. By applying artificial intelligence and machine learning to billions of rows of interoperable data on the TraceLink network, Product Availability Intelligence enables revolutionary visibility and intelligence into the finished medicines supply chain while preserving data confidentiality and customer identity. Created through direct collaboration with supply chain leaders, the solution provides an early warning of critical medicine shortages up to 90 days in advance of current industry information sources with greater than 80% accuracy, which allows organizations to take mitigating action and safeguard patient access to medicines.
"Drug shortages have a significant impact on patient health. We're honored to receive this recognition from SupplyTech Breakthrough as we leverage our deep industry expertise and the collective intelligence of TraceLink's unique digital network platform to ensure that patients are getting the medication they need when they need it," said Shabbir Dahod, President and CEO, TraceLink.
Product Availability Intelligence enables hospitals and pharmacies to identify alternate drugs at an affordable price before a shortage occurs, prevents expensive labor overhead and chaos, and encourages hospital dispensers and pharmacies to work with wholesale distributors and drug manufacturers to secure adequate supply or acquire an additional supply of alternative drugs to ensure patient care. One Director of Procurement at a large pharmacy noted, "In the past, 'fear-buying' was the normal mode of operation. However, now, this team has actual market data to help drive inventory decisions."
With respect to how significant the impact has been, Bharath Sundararaman, General Manager of Intelligent Supply Network, said: "We're proud to say that since the beginning of 2023, we were able to protect 40,000+ patients from hundreds of drug shortages by providing an early warning of drug shortages up to 90 days in advance with high accuracy—outperforming all existing industry benchmarks."
The mission of the annual SupplyTech Breakthrough Awards program is to conduct the industry's most comprehensive analysis and evaluation of the top technology companies, solutions, and products in the supply chain and logistics industry today. This year's program attracted more than 1,400 nominations from over 15 different countries throughout the world.
"Product Availability Intelligence from TraceLink is addressing the critical issue of drug shortages in pharmacies and doing so in remarkable fashion. Saving lives through the supply chain easily makes PAI our 'Predictive Analytics Solution of The Year,'" said Bryan Vaughn, Managing Director of SupplyTech Breakthrough Awards. "The healthcare industry has been battling drug shortages for over a decade. Though there are many root causes, lack of supply chain visibility is a big contributor and can devastate patients who rely on certain medications and treatments. TraceLink is leading the life sciences industry with a transformational logistics solution that better serves patients."
About TraceLink
TraceLink is the pharmaceutical and life sciences industry's leading provider of supply chain digitalization through end-to-end product orchestration on the Opus digital network platform. With more than 290,000 network members, Opus connects people, processes, systems, and enterprises into a collective information network for intelligent business execution. TraceLink serialization, track-and-trace, global compliance, and real-time supply chain collaboration solutions empower customers to Integrate Once, Interoperate with Everyone™, achieve massive scalability, maintain continuous compliance, and ensure supply. TraceLink customers serialize more than one billion units per month across 15,000 connections.
About SupplyTech Breakthrough
Part of the Tech Breakthrough organization, a leading global provider of market intelligence and recognition platforms for technology innovation and leadership, the SupplyTech Breakthrough Awards program is devoted to honoring innovation and market disruption in supply chain and logistics technologies, services, companies and products around the world. The annual SupplyTech Breakthrough Awards provide public recognition for the achievements of SupplyTech companies and products in categories including inventory management, supply chain visibility, transportation management, material handling, IoT, robotics, and more. For more information visit SupplyTechBreakthrough.com.
SOURCE TraceLink
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