Written by: Laisha Daley – InStockRx
InStockRx, a centralized inventory hub for surplus medications, has announced a partnership with GS1, a global standards organization, as a Standard Solutions Partner. This collaboration aims to address key challenges in the pharmaceutical sector, including drug shortages and medication waste, while enhancing transparency and efficiency across the supply chain.
Leveraging GS1’s globally recognized standards, InStockRx’s platform enables precise tracking and tracing of surplus medications, ensuring these resources are distributed to locations and individuals in need. The partnership aligns with broader efforts to create more sustainable healthcare systems and improve access to medications globally.
Addressing Supply Chain Challenges
The pharmaceutical industry faces significant challenges with billions of dollars’ worth of medications going unused annually while many patients encounter shortages of essential drugs. InStockRx’s data-driven platform and pharmacy-to-pharmacy marketplace aim to tackle these issues by redistributing surplus medications, reducing waste, and improving supply chain efficiency.
Mac Dougherty, Co-Founder and CEO of InStockRx, highlighted the importance of the partnership:
“Our collaboration with GS1 represents a critical milestone in creating a more sustainable and equitable pharmaceutical supply chain. By utilizing GS1’s standards alongside the Drug Supply Chain Security Act (DSCSA), we are enhancing supply chain integrity, preventing waste, and ensuring medications are available where they are needed most.”
Recognized for Innovation
The announcement follows InStockRx’s recognition at the 1871 Supply Chain Innovation Summit in Chicago, where the company was honored for its innovative solutions in addressing pharmaceutical waste and drug shortages. InStockRx was also selected as a Showcase Company at Venture Atlanta earlier this year.
About InStockRx
InStockRx provides a platform to optimize pharmacy supply chains by aggregating medication data, identifying surplus, and facilitating redistribution in compliance with DSCSA regulations. By employing artificial intelligence and data analytics, the platform supports pharmacy operations while addressing broader industry issues such as sustainability and accessibility.
Contact Information:
InStockRx
Laisha Daley – Chief Marketing Officer
Phone: +1 813-213-4945
Email: laisha@instockrx.com
Website: www.instockrx.com
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