NORTH READING, Mass., May 3, 2017 /PRNewswire/ -- TraceLink Inc., the World's Largest Track and Trace Network for
The new Network Product Master Data Service is designed to address a unique and persistent challenge that health systems, hospitals, and pharmacies face when attempting to successfully process DSCSA T3 (Transaction History, Statement, and Information) compliance documentation for prescription drug shipments that are missing required NDC (National Drug Code) information and other critical data. Updating prescription drug records with the correct information can be challenging for hospitals and pharmacies that do not have internal systems in place to regularly maintain product master data, nor the full-time staff to process corrections for shipments with missing information.
TraceLink's new Network Product Master Data Service removes the internal burden of managing product master data by allowing any dispenser to:
As users submit information to the Network Product Master Data Service and its database grows in size, all TraceLink customers benefit from having larger and larger volumes of NDCs and product master data that Product Track will use in an attempt to append missing information during the verification process.
"Our work with hundreds of hospitals and pharmacies that manage compliance for over 4,200 dispensing locations in the U.S. has revealed that critical data gaps make it very difficult to efficiently create documentation needed to achieve DSCSA compliance," said Shabbir Dahod, president and CEO, TraceLink. "TraceLink is the only company capable of addressing this challenge head on because of our unique network model. Dispensers simply submit missing NDC and product master data to us, we manage that data for them, and everyone on the TraceLink network benefits as that data becomes part of the growing repository that we check whenever customers need to append shipments with information that is required."
Additional Product Track Enhancements: NDC Verification Service
Of the millions of dispenser transactions that TraceLink processes from wholesale distributors, many often include DSCSA-exempt items, such as over-the-counter (OTC) medicines and other medical supplies. With support from major U.S. wholesalers, TraceLink has introduced a new NDC Verification Service within its Product Track software that eases the burden of filtering large product volumes to determine what falls under DSCSA. When customers use Product Track, the new NDC Verification Service will:
Digital Conversion of Paper T3 – Opt-In, Premium Service
As DSCSA phases in over a 10-year period, all segments in the supply chain will have to manage digital transactions through an electronic interoperable system by 2023. To reduce the operational workload for hospitals and pharmacies that receive high volumes of paper T3 but do not have the resources to convert these documents to the digital format, TraceLink has launched a new premium subscription service that creates digital versions of all paper T3 documents through a quick upload in Product Track.
While market availability for this premium service is expected by mid-2017, early adopters can sign up for the program now, and if selected, receive a 50% discount on the first year of service. Annual subscription pricing for the service will be based on an evaluation of the volume of paper transactions to be converted.
To learn more about these new features and enhancements available through TraceLink Product Track for dispensers, please visit www.tracelink.com/dispensers/direct.
About TraceLinkTraceLink is the World's Largest Track and Trace Network for connecting the Life Sciences supply chain and eliminating counterfeit prescription drugs from the global marketplace. Leading businesses trust the TraceLink Life Sciences Cloud 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. A winner of numerous industry awards including Deloitte's Technology Fast 500 (ranked number 149 in 2016), the Amazon AWS Global Start-Up Challenge Grand Prize, and the Edison Award for Innovation in Health Management, the 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, Twitter and Facebook.
TraceLink is funded by Goldman Sachs, FirstMark Capital, Volition Capital and F-Prime Capital.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/tracelink-unveils-network-product-master-data-service-first-network-sourced-prescription-drug-repository-for-us-dispensers-300450581.html
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