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TraceLink Accelerates DSCSA 2023 Customer Readiness, Supply Chain Digitalization, and Drug Shortage Predictability in Second Quarter of 2023

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As the industry prepares for DSCSA 2023 regulations, 50% of the US MAH market is now EPCIS-enabled through the TraceLink B2N Integrate-Once network. This digital foundation is allowing them to enhance supply chain visibility, collaboration, and resilience.

BOSTON, July 27, 2023 /PRNewswire/ — TraceLink Inc., the leading digital network platform company enabling end-to-end product orchestration by connecting more than 290,000 healthcare and life sciences entities through its B2N Integrate-Once™ network, today announced significant business growth and rapidly accelerating network adoption. With the looming Drug Supply Chain Security Act (DSCSA) compliance deadline on November 27, 2023, pharmaceutical supply chain companies continue to expand digital network connections on the TraceLink network to improve supply chain performance and leverage the extensive serialization and track-and-trace network foundation to tackle the ongoing challenges of drug shortages.

Key highlights of the quarter include:

  • 43 new customer accounts and 90 new customer projects initiated for DSCSA compliance.
  • 3,115 network links created across 504 companies on the TraceLink network.
  • Protected 100,000 patients from drug shortages and saved pharmacies millions of dollars in revenue by predicting shortages in advance with Product Availability Intelligence solution.
  • Surpassed one billion DSCSA Transaction Histories processed on the TraceLink network.
  • Surpassed one million DSCSA-compliance EPCIS transactions exchanged between trading partners on the TraceLink network.
  • Launched the Multienterprise Information Network Tower (MINT) solution to power end-to-end, real-time supply chain visibility and multienterprise process collaboration.
  • Launched Supply Chain Work Management for Compliance Exceptions to provide an automated and efficient solution to manage and reconcile DSCSA and other compliance exceptions between trade partners.
  • Hosted more than 200 healthcare and life sciences industry professionals from over 75 companies at 30+ sessions at FutureLink 2023. The TraceLink conference focused on DSCSA 2023 readiness plans, emerging opportunities to address drug shortages by leveraging AI with supply chain data, and building a foundation for supply chain digitalization to drive better end-to-end visibility, collaboration, and intelligence.

Speaking about why Sentara Health chose TraceLink as their DSCSA compliance partner, Tyler Martinson, Pharmacy Manager at Sentara Health, had this to say: “TraceLink was vital to this role, their support, both their IT and just their knowledge of the law. Laws change and rules keep coming out and it was very helpful to have someone who was really focused on that to help explain to us what was coming down the road and what we should be aiming towards.”

TraceLink continues its 10+ year investment in helping companies across the pharmaceutical and healthcare supply chain—from pharmaceutical manufacturer to healthcare provider and retail pharmacy—meet the complex unit-level traceability, verification, and other requirements of track-and-trace regulations like DSCSA while helping those companies improve the predictability, agility, and performance of their supply chain operations. Leveraging the interoperable TraceLink network spanning over 120 countries and over 290,000 authenticated pharmaceutical manufacturers, distributors, retail pharmacies, and healthcare providers, TraceLink has enabled over 15,000 live serialization connections, manages over 41 billion serialized products on its network, processes over 50K ASNs a month, and has saved the pharmaceutical industry more than $4.7B in unnecessary point-to-point integration costs by exchanging critical business transactions on the TraceLink network.

To talk with TraceLink experts about our unique approach to helping companies across the pharmaceutical and healthcare supply chain ensure global compliance with track-and-trace regulations while laying the foundation for end-to-end product orchestration and unsurpassed supply chain performance, please visit tracelink.com.

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About TraceLink
TraceLink is the pharmaceutical and life sciences industry’s leading provider of supply chain digitalization through end-to-end product orchestration on the Opus digital network platform. With more than 290,000 network members, Opus connects people, processes, systems, and enterprises into a collective information network for intelligent business execution. TraceLink serialization, global track-and-trace compliance, end-to-end supply chain visibility, and real-time supply chain collaboration solutions empower customers to achieve massive scalability, maintain continuous compliance, and ensure supply through a single connection to our B2N Integrate-Once™ network. TraceLink customers serialize more than one billion units per month across 15,000 connections and process over 50K ASNs a month over our network.

Logo – https://mma.prnewswire.com/media/1004729/TraceLink_Logo.jpg 

View original content:https://www.prnewswire.co.uk/news-releases/tracelink-accelerates-dscsa-2023-customer-readiness-supply-chain-digitalization-and-drug-shortage-predictability-in-second-quarter-of-2023-301887871.html

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Brazil to Tighten Regulation on Foreign Crypto Exchanges

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Brazil’s Receita Federal Increases Scrutiny on Foreign Cryptocurrency Exchanges

Brazil’s tax authority, Receita Federal, plans to intensify its oversight of foreign cryptocurrency exchanges operating within the country. This move aims to enhance regulation and transparency amid the rising use of digital assets in Latin America’s largest economy.

New Reporting Requirements for International Platforms
Recent reports indicate that Receita Federal will soon issue an order requiring international cryptocurrency platforms, including Binance and Coinbase, to provide detailed operational data and information on their partnerships with local service providers.

Government’s Regulatory Focus
Andrea Chaves, Deputy Secretary of Inspection at the Federal Revenue Service, emphasized the importance of this measure. “It’s crucial for us to understand how they operate here and ensure there’s no illegality,” she stated. The government aims to ensure compliance with tax laws and confirm that services provided to Brazilian customers are fully legal.

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Wagner Lima, a risk management coordinator at Receita Federal, underscored the need to review collaborations between foreign exchanges and local service providers. This review ensures compliance with a 2019 regulation that mandates information sharing.

Rise in Crypto Asset Declarations
This decision comes in response to a significant increase in crypto asset declarations by Brazilians. From January to July 2023, Brazilians declared 133.6 billion reais ($24.6 billion) in crypto assets, marking a 36.6% increase from the previous year. Notably, 14.5 billion reais were declared through foreign exchanges, representing a 51.2% growth.

Upcoming Order Details
The forthcoming order will require exchanges to disclose their operational methods and customer service practices in Brazil. However, it will exclude customer-specific data and transactional information to comply with current Brazilian laws.

Future Regulatory Framework
Brazilian authorities are also working on developing a clear framework for digital currencies and their legal status, expected to be introduced by mid-2024. This framework aims to organize both local and foreign exchanges operating within Brazil, ensuring their compliance with local laws and regulatory requirements.

Source: cryptotimes.io

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The post Brazil to Tighten Regulation on Foreign Crypto Exchanges appeared first on HIPTHER Alerts.

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Financial Institution NAB Embraces Crypto Custody Solution

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National Australia Bank Invests in Crypto Custody Firm Zodia Custody

National Australia Bank (NAB), a prominent financial institution, has taken a significant step into the cryptocurrency custody arena. Instead of creating its own digital currency, NAB Ventures has opted to invest in Zodia Custody, a London-based firm specializing in the secure storage of digital assets for institutional clients.

Strategic Shift and Industry Alignment
This investment marks a strategic shift for NAB, aligning itself with global financial leaders like Standard Chartered, Northern Trust, and SBI Holdings, who have already acknowledged the importance of safeguarding digital assets for investors. By partnering with Zodia Custody, NAB showcases a forward-thinking approach, choosing collaboration over direct competition with established players like Coinbase.

Commitment to Innovation
The decision to invest in Zodia Custody reflects NAB’s commitment to providing cutting-edge solutions to its institutional clients while leveraging the potential of the crypto market. This move positions NAB as a key ally for institutional investors seeking secure and regulated infrastructure to navigate the complexities of digital asset storage and management.

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Additional Insights
One significant aspect not highlighted in the initial report is that NAB’s engagement with a crypto custody solution underscores the growing demand from institutional investors for secure and regulated infrastructure to enter the crypto space.

Key Questions
1. How will NAB’s partnership with Zodia Custody impact its overall financial services and competitive position in the market?
2. What regulatory challenges and compliance requirements does NAB face by entering the crypto custody space?
3. How does NAB plan to address security concerns related to the storage of digital assets for its institutional clients?
4. What are the potential risks and rewards for NAB as it ventures into the crypto custody sector?

Key Challenges
NAB may encounter several challenges, including regulatory compliance issues, cybersecurity risks, market volatility of crypto assets, competition from existing players in the space, and the need to build trust among institutional clients for their crypto custody services.

Advantages
1. Access to a Growing Market: Entry into the rapidly expanding crypto market and potential new revenue streams.
2. Strengthened Partnerships: Enhanced relationships with global leaders in the crypto custody sector.
3. Diversification: Broadening service offerings to meet the evolving needs of institutional clients.

Disadvantages
1. Regulatory Scrutiny: Increased regulatory oversight and compliance costs.
2. Market Volatility: Exposure to the highly volatile nature of crypto assets.
3. Reputation Risk: Potential damage to reputation if security breaches or operational issues occur in the custody of digital assets.

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Source: smartphonemagazine.nl

The post Financial Institution NAB Embraces Crypto Custody Solution appeared first on HIPTHER Alerts.

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Brazil Tax Department to Scrutinize Foreign Crypto Exchange Operations

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Brazil to Enhance Scrutiny on Foreign Crypto Exchanges

Brazil’s Receita Federal is set to intensify oversight of foreign digital asset exchanges operating within the country, aiming to strengthen regulation and transparency in this rapidly growing sector. The national tax authority plans to collect operational data from platforms such as Binance, Coinbase, and Kraken, despite the absence of a comprehensive regulatory framework for cryptocurrencies in Brazil.

Tightened Oversight on Foreign Crypto Exchanges
As digital asset popularity surges in Brazil, the government is taking steps to understand and regulate the activities of international cryptocurrency exchanges. A mandate, expected to be issued this week, will require these platforms to disclose their operational methodologies and customer service practices within the region. The focus of Brazilian tax authorities is to ensure compliance with local tax laws and anti-money laundering regulations.

Surge in Digital Asset Usage
The decision comes amidst a significant increase in digital asset usage in Brazil, with reported crypto holdings by Brazilians reaching 133.6 billion reais ($24.6 billion) from January to July 2023—a 36.6% increase from the previous year. This heightened scrutiny is vital as the government pushes for greater transparency while still developing a concrete regulatory framework, expected to be proposed by the end of 2024.

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Receita Federal to Audit International Crypto Platforms
Andrea Chaves, Deputy Secretary of Inspection at the Receita Federal, emphasized the importance of this initiative. The government aims to ensure that these exchanges comply with tax obligations and do not engage in illegal activities. Additionally, they seek to confirm that services offered to Brazilian customers are fully legal, addressing concerns that some platforms might bypass local regulations, leading to unreported revenue and facilitating illicit financial flows.

Wagner Lima, a risk management coordinator at the Revenue Service, highlighted the need to examine partnerships between foreign exchanges and local service providers. This scrutiny ensures adherence to a 2019 regulation mandating information sharing, crucial for maintaining the integrity of Brazil’s financial systems.

Upcoming Ordinance Requirements
The forthcoming ordinance will require exchanges to provide detailed information about their operations, excluding customer-specific data and transactional details to comply with current Brazilian laws. The 51.2% increase in declared holdings through foreign exchanges from the previous year underscores the growing importance of these platforms in the local market.

Source: coingape.com

The post Brazil Tax Department to Scrutinize Foreign Crypto Exchange Operations appeared first on HIPTHER Alerts.

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