As the industry prepares for the impending 2019 deadline for the EU FMD, the need for greater vigilance around drug product security in the EU has become increasingly crucial in light of recent drug counterfeiting incidents. In Europe, counterfeit medicine accounts for an estimated industry loss of approximately €10 billion in annual revenues and direct employment losses of approximately 38,000 jobs, according to a recent industry report1. TraceLink's unparalleled industry expertise and proven Life Sciences Cloud, utilized by 444 customers and 242,000 partners on the global network, provides the ultimate protection and security for drug products that are manufactured, packaged, sold and dispensed in the EU, with the added benefit of speed, scalability and reassurance of a mission-critical, highly available supply chain service.
"We've rapidly expanded our global footprint due to the industry's need for a proven solution, and remain dedicated to helping our customers around the world meet their compliance, trade and corporate obligations," said Shabbir Dahod, president and CEO, TraceLink. "With this commitment and investment in Europe, TraceLink will be able to address our customer and partners' requirements for data security, scalability, control and compliance, as the European market prepares for massive network and data challenges in order to meet serialization regulations."
European data residency for the Life Sciences Cloud will be hosted by Amazon Web Services and deployed in Germany across multiple availability zones designed to automatically route serialized data feeds to the appropriate global region.
With offices in the UK, India, Singapore and the United States, 69 percent of TraceLink's current pharmaceutical and contract manufacturing customers have compliance requirements for the EU (EU Falsified Medicine Directive), as well as other regions, including India, Brazil, China, South Korea, Turkey, Argentina, Russia and Saudi Arabia.
To learn more about TraceLink's complete EU Falsified Medicines Directive solution, visit www.tracelink.com.
1.Nathan Wajsman, et al. "The Economic Cost of IPR Infringement in the Pharmaceutical Industry," EUIPO, September 2016.
TraceLink 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, including 16 of the top-20 global pharmaceutical companies, 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 293 in 2015), 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 FirstMark Capital, Volition Capital and F-Prime Capital.
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SOURCE TraceLink Inc.