Tracelinks’ future is looking bright with third quarter overall revenue growth coming in at 55 percent in 2018. Expansion in several regions contributed significantly to the rise in revenue, including 165 percent in gains from Europe, Middle East and Africa (EMEA), 145 percent from Asia Pacific (APAC) and 63 percent in India.
“With over 1,000 customers and more than 272,000 trading partners, Tracelink has officially created the world’s largest integrated digital supply network,” Shabbir Dahod, president of CEO of the company, said in a November statement. “Today, billions of serial numbers are flowing through the Tracelink network, enabling companies to exchange serialized information – not only to meet compliance, but also to enhance operations and improve patient care.”
Customer sales of their Life Sciences Cloud platform supported these numbers with the company citing a 53 percent boost in bookings across the board for Q3. With customers spanning across 44 countries, the organization pointed to client growth in the following industry sectors: 63 percent increase in pharmaceutical and contract manufacturers; five percent wholesale distributors, 3PLs and repackagers; and 32 percent increase in pharmacies, hospitals, clinics and health systems.
Tracelink’s third quarter success continues the upward trend in revenue growth found in their first two quarters of the year, including 69 percent for Q1 and 62 percent for Q2. Their two-year revenue compound annual growth rate was announced at 71 percent, reflecting their strong performance with overall revenue growth at 85 percent in 2017 and similarly impressive upticks in 2016.
According to their site, the counterfeit drug market generates an estimated 75 billion dollars in business and kills hundreds of thousands of patients each year. In response, more than 40 countries have introduced new laws that will regulate 75 percent of the world’s prescription medication by late 2018.
Life Sciences Cloud (LSC) is Tracelink’s answer to the need for more accountability in this area of the industry. Their track and trace network application is purpose-built for product serialization in the pharmaceutical supply chain management process. More specifically, prescription drug serialization enables companies to implement a framework that generates, manages and stores large amounts of regulated data and share this data with trade partners and government agencies across industries and international borders.