FREIBURG, GERMANY / ACCESSWIRE / March 28, 2024 / mymediset, the leading provider of SAP solutions for the medical device industry, and Terso Solutions, the leading provider of RFID tracking solutions for the life sciences and healthcare markets, have today announced a new partnership to launch mymediset LiveSync, a revolutionary platform that will transform the way consigned inventory is identified, managed and tracked across mission-critical supply chains worldwide.

The new platform combines mymediset's cloud-based SAP automation solutions and Terso's RAIN RFID enclosures (cabinets, freezers, refrigerators) and sensors to provide real-time visibility and control of consigned products in the life sciences industries, such as medical devices, loaner kits, and pharmaceuticals. The platform, which will be launched in Q3/2024, is the first of its kind to combine live tracking and inventory data for medical and pharmaceutical consignments that is integrated into an intelligent, open, and extensible platform that provides complete visibility and control across the full product lifecycle from manufacture-to-disposal or recycling.

"This co-innovation initiative was brought together by mymediset and Terso Solutions in response to the multi-billion-dollar problem of inventory over-stocking caused by lack of real-time visibility and missing tracking data 'dead zones' that occur as consignments cycle through the different supply chain systems operated by manufacturers, distributors, and hospitals," said Michael Knauer, CEO & Founder of mymediset.

Joe Pleshek, CEO and President of Terso Solutions added: "Current industry estimates project, that several billion dollar of excess, unrecorded, or lost inventory may exist to assure product availability in mission-critical healthcare and lifesciences environments. With consignment records spanning numerous siloed systems and fragmented data sources, activities such as integrated planning, inventory rationalization and efficient automation of operations such as replenishment, disposal and recycling have so far been too costly and too complex for any one operator to resolve."

Knauer continued: "With our new mymediset LiveSync solution, we can now connect MedTech and Pharma manufacturers, distributors, and hospitals in a seamless, visible lifecycle, enabling customers to see, know, optimize, and automate every consignment wherever it is in the cycle. This provides an invaluable solution that can be used to rationalize inventory levels, reduce costs, improve patient safety, and comply with regulatory requirements and it provides the fundamental building block for our customers to create next-generation supply chains."

mymediset LiveSync Benefits:

• Brings together the market leading capabilities of mymediset and Terso Solutions. Combining mymediset's platform, a software-as-a-service (SaaS) solution and Terso's RAIN RFID enabled enclosures and sensors, to automatically capture consignment movements in real time. Automates the entire consignment process, from order placement to invoicing, using smart algorithms and data analytics to manage complex consignment and field inventory processes inside SAP.
• Connects all stakeholders involved in the consignment cycle and provides them with actionable insights and reports on inventory status, consumption, expiration, and replenishment.
• Terso's RFID enclosures and sensors are connected to the cloud and transmit the inventory data to mymediset's platform in real-time, eliminating the need for manual scanning, counting, or reporting. The enclosures provide secure access control and track environmental data including temperature to ensure product integrity.
• A seamless and scalable cloud-based SaaS solution for consignment automation that will benefit both suppliers and customers. The product will enable suppliers to increase sales, improve cash flow, and enhance customer satisfaction by ensuring the right products are available at the right time and place.
• Enable customers to reduce inventory waste, avoid stock-outs, and improve patient outcomes by having access to the latest supplies, equipment, and devices, instantly locatable at the touch of a button.

Commenting on the partnership both CEOs pointed to the potential for customers to gain significant value from the new combination:

"We are very excited to partner with Terso Solutions and leverage their expertise and innovation in RFID technology. Together, we will offer a unique and powerful platform that will solve the challenges and inefficiencies of consignment management in the medical and life sciences industries. Our product will create value for our customers and help them achieve new levels of operational excellence and competitive advantage as they take on the challenge of running leaner, faster inventory lifecycles in next-generation supply chains driven by real-time data and assisted by AI. Two market leaders have come together to bring real-time transparency to the healthcare and life sciences industries. Finally, now we know what, where, and when products have been consumed, in real time" said Knauer.

"We are thrilled to partner with mymediset and integrate their SAP-based Enterprise SaaS platform with our RFID enabled solutions. Both mymediset and Terso have a proven track record of delivering consignment automation solutions that are trusted in the most demanding, mission-critical environments. Our product will provide a complete and end-to-end solution for consignment automation that will revolutionize the way consigned inventory is managed and tracked. With this innovative solution, We Know Now." said Pleshek.

The new product will be available for pre-order in April 2024 and will be launched in Q3 2024.

About mymediset

mymediset is the leading provider of cloud-based automation solutions for the medical device industry that specializes in managing complex loan, consignment, and field inventory processes inside SAP®. mymediset offers a platform that connects medical device and pharma manufacturers, distributors, hospitals, and clinics, and enables them to manage and track their consigned inventory in real-time. mymediset helps its customers reduce costs, increase sales, and optimize inventory levels, while ensuring compliance and patient safety.

About Terso Solutions, Inc.

Terso Solutions, Inc. is the leading provider of automated inventory management solutions for tracking high-value medical and scientific products in healthcare and life science. Terso is backed by 18 years of RFID product development and implementation experience, with a product line that includes RAIN RFID cabinets, refrigerators, freezers (-86°C to -5°C), read points, mobile solutions, and rooms. Terso has deployed over 3,500 RAIN RFID-enabled devices worldwide and provides inventory automation at over 1,000 U.S. healthcare facilities. Headquartered in Madison, WI, with additional offices in Walldorf, Germany and Tokyo, Japan, Terso Solutions, Inc. is a wholly owned subsidiary of the Promega Corporation.

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SOURCE: mymediset

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