Opus™, the Industry 4.0 operating platform, provides the infrastructure to predict drug shortages by applying artificial intelligence to analyze the movement of over 30 billion products tracked within the largest global healthcare and life sciences network.
BOSTON, April 5, 2022 /PRNewswire/ — TraceLink Inc, the leading digital networking platform company, announces the upcoming release of Product Availability Intelligence, a breakthrough solution that will enable participating members of the healthcare and life sciences value chain to predict and deliver actionable intelligence to prevent critical medicine shortages up to 90 days ahead of current industry sources of information with greater than 80% accuracy.
“The health and life sciences industry loses hundreds of millions of dollars each year due to drug shortages. More importantly, patients are denied access to the essential medicines they depend on when these events occur,” said Shabbir DahodPresident and CEO of TraceLink.
Product Availability Intelligence is the first achievement of Opus Collective Intelligence, leveraging shared business process data created by multi-enterprise applications running on the Opus digital networking platform to generate near real-time insights across the network. Created in partnership with leading pharmaceutical manufacturers, wholesale distributors, healthcare systems, and retail pharmacies, Product Availability Intelligence applies machine learning to the movement of over 30 billion serialized drugs across TraceLink’s network of more than 287,000 members. in healthcare and life sciences.
“We have battled more critical drug shortages over the past two years than in previous years,” said Eric Tichy, division chief at the Mayo Clinic. “Acquiring an early warning signal of drug shortages is a critical capability needed to conserve supplies and find suitable alternative therapies for our patients at Mayo Clinic. It is precisely the need that has led Mayo Clinic to participate in the TraceLink Collective Intelligence Executive Forum throughout 2021.”
Alessandro DeLucaGroup CIO at Merck KGaA said: “Pharmaceutical manufacturers have sufficient manufacturing capacity, hold billions of dollars in inventory, yet face critical drug shortages due to a lack of collaboration and transparency. . TraceLink is the only vendor positioned to solve this multi-challenge business problem by mobilizing the collective intelligence of its network. They have a unique opportunity to create the “Waze” of the pharmaceutical supply chain.”
“When drug shortages arise, our healthcare system is forced to take reactive action,” said Joe Maki, vice president of pharmacy at Novant Health. “Often we don’t know what caused the shortage or how long it will last, which creates extraordinary challenges for our teams. Having 30 to 90 days notice before a forecasted drug shortage is a complete game-changer in ensuring patients have access to essential drugs.”
“We are the only technology provider capable of predicting drug shortages due to the size of our healthcare and life sciences network, the near real-time data we process through our multi-traceability solutions. businesses and the inherent machine learning capability of our Opus digital networking platform,” notes Bharat Sundararaman, Managing Director of the Collective Intelligence and Analytics business line at TraceLink. “Opus Collective Intelligence will allow us not only to predict drug shortages, but also to anticipate supply disruptions, link supply plans to real-time consumption information and improve decision-making. in the supply chain thanks to the information gathered from the network of networks created on the Opus platform.
Beginning in May 2022, TraceLink invites a subset of existing customers to participate in an exclusive Product Availability Intelligence launch program. Qualified participants will benefit from early access to the product and the ability to influence near-term decisions on the product roadmap.
TraceLink is the only enterprise networking platform for building integrated enterprise ecosystems with multi-enterprise applications. Enterprise networks are the foundation of an Industry 4.0 digitization strategy that delivers customer-centric agility and resilience of the end-to-end supply network by leveraging the collective intelligence of a industry. The TraceLink Opus digital networking platform helps accelerate open innovation and implementation with an ecosystem of partners for no-code and low-code development of solutions and applications. For more information about TraceLink and our solutions, visit www.tracelink.com.
View original content for multimedia download: https://www.prnewswire.com/news-releases/tracelink-announces-product-availability-intelligence-enabling-manufacturers-to-predict-drug-shortages-up-to-90 -days-ahead-with-an-accuracy-better-than-80-301516265.html