{"id":57333,"date":"2024-10-16T08:00:03","date_gmt":"2024-10-16T12:00:03","guid":{"rendered":"https:\/\/clarkstonconsulting.com\/?p=57333"},"modified":"2025-01-27T10:55:04","modified_gmt":"2025-01-27T15:55:04","slug":"tracelink-mint","status":"publish","type":"post","link":"https:\/\/clarkstonconsulting.com\/insights\/tracelink-mint\/","title":{"rendered":"How Life Sciences Companies Digitalize Their Supply Chains with TraceLink MINT"},"content":{"rendered":"

This piece was written in collaboration with TraceLink.<\/span><\/i><\/p>\n

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Today’s supply chains have evolved into complex networks demanding greater visibility and traceability from all stakeholders, including partners, consumers, and governments. To remain compliant with traceability regulations\u2014and reduce the impact of all manner of supply chain disruptions\u2014life sciences companies need a complete end-to-end view of the supply chain, from ingredient sourcing and manufacturing to distribution and dispensing to patients. That kind of visibility and real-time orchestration requires digital integration with both direct and indirect partners across the supply chain.<\/span>\u00a0<\/span><\/p>\n

With that in mind, companies are looking for solutions that easily integrate with existing solutions and their partner network to give them an <\/span>end-to-end view of their supply chain<\/span><\/a>. However, many solutions lack the holistic view needed for this kind of supply chain management.<\/span><\/p>\n

As a manufacturer of pharmaceutical products, you may already be using platforms from companies like TraceLink for product serialization or data validation to help your company stay <\/span>Drug Supply Chain Security Act (DSCSA)-compliant.<\/span><\/a> Today, that same network is being used to enable fast, simple, and cost-effective digital integration and orchestration between manufacturers and all of their supply chain partners.\u00a0<\/span>\u00a0<\/span><\/p>\n

What does that mean for you? Real-time collaboration, visibility, and business transaction exchange with all supply chain partners at the industry’s lowest price point. It’s all powered by <\/span>TraceLink Multienterprise Information Network Tower<\/span><\/a>, or MINT, for short.\u00a0<\/span>\u00a0<\/span><\/p>\n

TraceLink MINT<\/h2>\n

TraceLink MINT links into the proven TraceLink network (291K+ verified members) using a powerful Integrate-Once, Interoperate with Everyone\u2122 capability to <\/span>enable integration with 100% of your supply chain partners<\/span><\/a> at a fraction of the cost and time of EDI or point-to-point connections. A single link to the TraceLink network enables the real-time exchange of the complete set of B2B transactions, including forecasts, purchase orders, PO acknowledgements, advance ship notices, inventory balances, and much more to provide up-to-date information and improve collaboration.<\/span>\u00a0<\/span><\/p>\n

Orchestrating External Manufacturing Operations through the TraceLink Network\u00a0<\/span><\/b>\u00a0<\/span><\/h2>\n

Here is one real-world example from a manufacturer that leverages TraceLink\u2019s proven capabilities for orchestration to integrate with its contract manufacturing organizations (CMOs):\u00a0<\/span><\/p>\n

A $10B+ global biopharma company, relying on 73 CMOs accounting for 30% of annual sales revenue, implemented TraceLink to enable collaborative information exchange with its CMOs through direct <\/span>ERP integration<\/span><\/a>, improve OTIF delivery performance, and reduce inventory and associated carrying costs.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

The Company\u2019s Challenges<\/span><\/b>\u00a0<\/span><\/p>\n

CMO<\/span> partners were delivering products on-time and in full less than 60% of the time. This directly impacted the <\/span>biopharma<\/span><\/a> company’s customer service levels. The company was also forced to carry $800 million+ worth of safety stock to cover for unpredictable <\/span>CMO performance<\/span><\/a>. Much of that inventory included biopharma medicine products with short shelf lives.<\/span>\u00a0<\/span><\/p>\n

The company spent more than 100 hours per week \u201cmanaging\u201d CMOs across different regions. Convincing CMOs of the benefits of digital integration proved challenging because many were hesitant to change the traditional methods of engagement, which included countless phone calls, spreadsheets, and emails.\u00a0<\/span>\u00a0<\/span><\/p>\n

Project Overview<\/span><\/b>\u00a0<\/span><\/p>\n

The company chose TraceLink to integrate CMOs to improve visibility and collaboration, giving TraceLink full responsibility for proactive CMO network verification and onboarding for digital collaboration.<\/span>\u00a0<\/span><\/p>\n

Leveraging the <\/span>TraceLink network<\/span><\/a>, the company integrated directly with its CMOs\u2019 ERP systems to exchange purchase orders, confirmations, batch documents, and delivery notices in real time. Some of the key business outcomes included:<\/span>\u00a0<\/span><\/p>\n