TraceLink Inc., track and trace network provider, announced that it has closed a $93 million investment round led by Georgian Partners. This investment will fuel the digitalization of the global pharmaceutical supply chain through the integration of real-time information-sharing, in order to create a predictable supply chain for the industry.
The company, which recently joined the Irish Medicines Verification Organization (IMVO) serialization pilot for pharmacies and clinics, plans to expand into adjacent application areas, such as supplier collaboration, patient communities, personalized medicine, predictive care and gene therapies.
TraceLink will also use the funds to further reinforce its R&D and Services organizations to support its growing customer base of 930+ pharmaceutical manufacturers, contract manufacturers (CMO), wholesaler distributors, third party logistic providers (3PL), hospitals and pharmacies.
TraceLink’s network connects over 270,000 pharmaceutical companies, CMOs, wholesale distributors, 3PLs, parallel importers, repackagers, hospitals and pharmacies worldwide. The goal of TraceLink’s new network platform is to help the life sciences industry address fragmented and manual information-sharing processes that, according to the company, cause billions in annual losses from drug diversion, revenue leakage, and operational inefficiencies due to a lack of effective information exchange capabilities.
TraceLink’s Investment for Expansion of Information-Sharing Network Platform Across Life Sciences
The company plans to expand into adjacent application areas, such as supplier collaboration, patient communities, personalized medicine, predictive care and gene therapies.
Aug 22nd, 2018
