NORTH READING, Mass., May 3, 2017 /PRNewswire/ -- TraceLink Inc., the World’s Largest Track and Trace Network for connecting the life sciences supply chain and eliminating counterfeit prescription drugs from the global marketplace, today unveiled the industry’s first Network Product Master Data Service, providing any U.S. dispenser using Product Track software with access to the largest network-sourced prescription drug and product master data repository.
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:
- Submit data for inclusion in TraceLink’s NDC and product master data management system contributing to the only network-sourced, continuously expanding repository of NDC and prescription drug product master data with quality assurance checks performed by TraceLink’s network services team for every submission;
- Automate the process of validating NDC and product master data during the product receiving process using Product Track to search for missing information among the hundreds of thousands of NDCs in the FDA database, RED BOOK, and in the TraceLink Life Sciences Cloud network of products traded between more than 250,000 supply chain partners; and,
- Contribute to and source GTIN information for future serialized products from TraceLink and non-TraceLink customers at no additional cost to be used seamlessly by all TraceLink customers including CMOs, repackagers, wholesalers, hospitals and pharmacies.
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:
- Exclude OTC and other non-prescription drug products from the T3 creation process when receiving shipments from major US wholesalers that use a “DSCSA exempt flag;"
- Utilize TraceLink’s Network Product Master Data Service to check for missing NDCs against FDA and RED BOOK databases and the TraceLink Life Sciences Cloud network of products traded between more than 250,000 supply chain partners;
- Generate T3 for all products with legitimate NDCs using an “information icon” to identify any products that could not be verified through TraceLink’s Network Product Master Data Service and may require additional information before processing;
- Allow dispensers to add missing NDC data and reprocess transaction records with a single click at time of receipt or at a later date, based on SOPs defined by the dispenser; and,
- Support future product verification against manufacturer GTINs at no additional charge to facilitate receipt of future serialized product.
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 TraceLink
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 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
SOURCE TraceLink
