Business Sustainability of Commonwealth Serum Laboratories (CSL)
Executive Summary
Commonwealth
Serum Laboratories (CSL) is the world’s largest plasma-based therapeutic
company, initially established to service the health care needs of countries
isolated by war, it has transformed into a global leader in plasma and blood-based
vaccines. The external environment analysis shows that Australia is favorable
as it offers an established democracy, sound growing economy, diverse cultural
and racial system with booming educational and health care sector, advancements
in technology for improved business performance, beautiful ecosystem, and a
legal structure that protects all aspects of business operations. The
resource-based view shows that it is positioned to continue creating
sustainable value for the stakeholders. Its performance has continued to grow
over the years, mainly as a result of advancements in vaccine development. A
5-years review shows that the company has made positive returns to the
stakeholders, leading to improved trust on their operations. The stakeholders show
interest to continue in the direct of the company as they enjoy the positive
returns being made annually. The company does not show any sign of shifting from
its present value systems or expand its customer base, as its long-term
strategies are aimed at solidifying their grip in the market.
1. Introduction
Established
in Australia in 1916, the Commonwealth Serum Laboratories (CSL) aims to serve
the health needs of countries that have been isolated by war. In the course of
their existence, the company has provided Australians with the opportunity to
rapidly access medical advancements of the 20th century, including
penicillin and insulin, together with other vaccines modeled to fight against
polio, influenza, and related infectious diseases (CSL, 2022a). The company was
listed on the Australian Securities Exchange (ASX) in 1994.
In
2003, CSL acquired Aventis Behring (CSL Behring), a global leader in the
biotech industry that is renowned for developing therapies used in treating
immune-deficiencies and bleeding disorders, together with other related
diseases (Pengana, 2018). CSL Plasma, which is a subsidiary of CSL Behring, is
the biggest collector of human plasma across the globe. The company’s
operations can be divided into two major value components as: a) plasma
fractionation, representing 90% of the company’s business operations; and b)
remaining royalties, vaccines, and research and development, which together
constitute the outstanding 10% of its operations (Pengana, 2018). As at today,
the company houses over 190 centers for collecting plasma across the USA and
Europe, and considering that the cost per liter of plasma collected represents
a significant part of the cost of goods sold, the company is able to create a
competitive edge by doing this on a large scale. To put this into perspective,
the company’s mature center for collecting plasma is known to collect about 100
liters of plasma per annum per center, which is more than double what its
nearest competitor collects (Pengana, 2018). With over 25,000 employees across
the world, the company is also the largest processor of plasma globally
(producing 18 million liters per annum).
2. Environmental
Analysis: PESTLE
The
PESTLE framework will be used to conduct analysis of the external environment.
The analysis will be companywide (in terms of influence on the entire company),
and since the company is headquartered in the Melbourne, Australia, the
analysis will focus mainly on the Australian environment, with touches on other
environments as necessary.
2.1.
Political Factors
Australia
operates a constitutional democracy in which the head of the state is Elizabeth
II (the Queen of the United Kingdom and the other Commonwealth realms). The
Governor-General represents the Queen at the federal level in Australia, with
the Australian government headed by the Prime Minister. It is a member of the
Commonwealth of Nations, World Trade Organization, G20 and OECD. It sustains a
very close relationship with the US and its political environment is both safe
and stable. However, it has been criticized in recent years with its
deportation laws (Newshub, 2017), treatment of
refugees and failure in the area of human right (The
Conversation, 2018).
2.2.
Economic Factors
Australia
ranks 14th in the global economy. The global 2020 lockdown has
relatively low impact on its economy as its GDP is expected to growth by 3.1%
in 2022. Additionally, it is expected that there will be gradual pick in
household incomes, business environment and inflation (OECD,
2020). The taxable income of all companies operating in Australia are
subjected to 30% tax rate. However, it is projected that this will drop to 25%
in the nearest future (PwC, 2020). Its main
trading partners are Germany, China, India, USA, Japan, South Korea, and
Thailand (OEC, 2021).
2.3.
Social Factors
In
terms of education, health, wealth and quality of life, Australia is one of the
best countries in the world. In comparison to other major economies, the
population of Australia is relatively small at 26 million (Worldometer, 2021). Although it has life expectancy of
80 for men and 84 for women, it is plagued with fewer people in working age and
more retirees. It is one of the most multicultural and multiracial countries in
the world, with a sound education system that attract international students
years (Robinson, 2018).
2.4.
Technological Factors
It
is one of the most technologically advanced nations in the world. It is
established that Australia adopts new technologies at a faster rate than
majority of the developed economies, and it has witnessed an enormous growth in
technology over the years. There are significant investments from local
companies, centered on using technology to meet the growth demands of their
customers.
2.5.
Environmental Factors
Australia
has one of the most beautiful ecosystems in the world: stunning beaches,
forests and mountains. It is also known to house brilliant biodiversity. To put
this into perspective, there are over one million species of animals and plants
found in the country and this can be attributed as the reason why millions of
tourists flock into the country. In any case, it has environmental challenges.
It is the driest continent on earth that is inhabited. Additionally, climate
change pose great challenge to its ecosystem. Some of the outcomes of climate
change include water insecurity, regional conflicts over water, land and food,
and the spread of infectious diseases.
2.6.
Legal Factors
Australia
has fair trading laws, consumer laws, and competition laws. The main source of
legislation governing employment in the country is the Fair Work Act 2009. On
the same note, there are privacy laws that deal with how businesses handle the
personal information of their customers. Overall, the country has a strong
legal framework that protects business operations.
Based
on the discussions above, and PESTLE score as contained in Appendix (1), it is
concluded that the external environment is favorable. This is because Australia
has a sound democracy; a booming economy that wasn’t affected by the Covid-19
lockdowns; a diverse society with sound education and health system; high rate
of new technology adoption and developments that aid business operations;
beautify ecosystem; and a protective legal system for safe operation of
businesses.
3. The
Industry's Key Success Factors and the Extent of Dominance
a) The
main success factor in the industry is consolidation, with 80% of the market
being covered by three companies in the industry.
b) There
has been an underlying growth for immunoglobulins (plasma products), which is
substantially in excess of the future added supply infrastructure, and this
makes infrastructure development a key success factor because the higher the
infrastructure, the better for the company as they can create a sustainable
competitive edge by meeting more demand.
c) Market
presence is another key success factor, with an increase in China’s GDP per
capita creating a huge demand for albumin. Therefore, market presence is a key
success factor, as the more markets a company covers, the higher its sales and
performance.
d) Launching
advanced products, together with investments in research and development, are
also key attributes that influence the overall performance of the players in
the industry (Fortune Business Insight, 2021).
The
market is consolidated with main brands like CSL and Grifols, together with
other players, dominating the global market. The main reason for CSL’s
dominance is high spending on research and development, which has increased
their focus on manufacturing biologics. Together with Grifols, CLS accounts for
about 45% of the global market revenue. There are other plasma fractionation
companies that are presently racing to acquire a significant share in the
market and they include: Kedrion S.p.A, Baxter, Shire, and Pothers (Fortune
Business Insight, 2021). The main attributes aiding penetration and performance
in the industry, for new players, are continuous efforts to launch advanced
products as well as significant investments in research and development
(Fortune Business Insight, 2021).
4. Internal
Analysis
4.1.
Resource-Based View
The
resource-based view theory will be used to conduct the internal analysis. It is
argued in the resource based view theory of competitive advantage that
innovation is used to attain sustainable competitive edge as it allows for
accumulation and utilization of resources in the right way to serve the
interest of the customers in such a manner that competitors will find it hard
to imitate and customer will find it hard to substitute (Holdford, 2018). It is
based on the view that successful innovations are determined not just by the
innovation itself, but by what it delivers to the market. Additionally, success
if the result of the people involved, the contextual factors that surround how
the innovation is being disseminated and implemented, the companies behind the
innovation, and the benefits that the stakeholders and firms stand to get from
the innovation (Holdford, 2018). In the case of CSL, its RBV is as analyzed in
Table (1).
Table
1. RBV Analysis
|
Factor
|
Elements
|
Decision
|
|
Firms resources |
It has 190 centers for collecting
plasma across the USA and Europe, and considering that the cost per liter of
plasma collected represents a significant part of the cost of goods sold, the
company is able to create competitive edge by doing this on a large scale. 25,000
employees across the world, the company is also the largest processor of
plasma globally (producing 18 million liters per annum). |
The firm’s resource is capable of
creating sustainable competitive edge in the industry. |
|
Financial performance |
As at 2021, the company’s revenue
increased by 13% to US$ 10.3 billion with a net profit of $2.4 billion. The
company’s balance sheet remains strong and it is placed to continue this path
into the future. This imply strong dividends for the shareholders, which will
attract more investors. Its share price is $269.020, with market
capitalization of $130 billion. |
Such huge financial standing allows
the company to invest in research and development, launch more advanced
products and penetrate more markets. Thus, it is favorable for its
sustainable long-term performance. |
|
Firms capabilities |
To put this into perspective, the
company’s mature center for collecting plasma is known to collect about 100k
liters of such per annum per center, which is more than double what its
nearest competitor collects. The company is also the largest processor of
plasma globally (producing 18 million liters per annum). |
The company is able to use its
resources to meet customers and stakeholders needs. |
|
Competitive edge |
Presently, it is the largest player in
its industry and shares 45% of the global market revenue with Grifols. It is
expand its collection centers and this can only mean improved and sustainable
performance. |
The company is able to use its resources
to outperform competitors and this is expected to remain the same going into
the future, with more business expansions expected. |
Source: CLS (2021), Pengana (2018), and
Australian Stock Exchange (2022).
5. The
Competitive Business Strategy of CLS
The
company’s corporate level strategy is documented in its 2021 Annual Report. It
states that its strategy is to continually invent new ideas and ways of
bringing therapies that can save the lives of patients across the world. It
would also continue to expand its production in order to meet the demands of
its clients in the future. Similarly, it will continue to advance its
technology and medicine in line with the continued evolution of biotechnology.
Its long-term goal is anchored on the 2030 strategy, which is to advance
evolution in the medical sector, a key aspect of their dream upon which other
strategies are built.
The
strategy is clearly planned. It is founded on a long-term goal which it aims to
attain by 2030. The 2030 strategy was developed with the intention of
maximizing the company’s advantages and capabilities in the ever changing and
highly competitive business sphere. It stated that historically, and till date,
it maintains the most efficient and sustainable supply chain from plasma
collection to finished products in the plasma-driven protein therapeutic
industry. Their growth has been sustainable recently, with their cell-based
influenza differentiated to offer improved protection for communities against
seasonal influenza. Its extensive focus on rare diseases gives the company the
advantage of focusing on the patients while delivering next-generation
innovative products that are available across different platforms.
Therefore,
the company is planning for the future and such is its strategy. According to
Stobierski (2020), a deliberate (planned strategy) arises out of thoughtful,
conscious, and organized actions from the company and its leadership. Normally,
it is developed following rigorous data analysis, which includes metrics like
segment size, market growth, customer needs, competitor strength, and
technological trajectory. It is normally adopted by larger ventures or
corporations that are established within their market (as is the case of CSL).
The discussion shows that the company has thought about this and has a clear
goal it aims to attain within a given period of time, and this strategy is
planned towards achieving this goal.
6. The
Overall Performance of CSL
Financially,
the company has been great. Its revenue has increased from $6.95 billion in
2016-2017 to $10.31 billion in 2020-2021. The increase in 2020–2021 was a
period when many companies in the aerospace and defense industries were
recording net losses. However, the reason for this sustained growth could be
due to the fact that it is operating in the pharmaceutical sector. Going
further, its net profit has also seen a five-year increase from $1.34 billion
in 2016-2017 to $2.38 billion in 2020-2021. Investors have been enjoying this
tremendous growth with dividends paid per share increasing from $2.94 in
2016-2017 to $5.22 in 2020-2021 (CLS, 2021). Once more, the significance of its
2020–2021 performance is highlighted by the fact that it was a period when numerous
companies across different industries were experiencing tremendous losses.
The
main reason for its financial performance can be attributed to its research and
development. A 5-year review shows that the company’s investment in research
and development has increased from $667 million in 2016-2017 to $1.001 billion
in 2020-2021. Throughout this period of investment in research and development,
the company has seen a 66% increase in new product development, a 10% increase
in market development, and a 24% increase in lifecycle management (CLS, 2021).
The
main reason for this performance can be attributed to the company’s focus on
delivering its promises to patients and the entire public health system in the
face of unprecedented uncertainty. It has seen the company acquire the
exclusive global license rights for a large-stage gene therapy candidate that
can be used in the treatment of hemophilia B, as well as other significant
projects (CLS, 2021). One cannot forget the importance of the workforce, and it
attained a 73.7% employee engagement score, which is on par with its record
from the previous year. Females make up 43% of its board, with 57% of its
global workforce being female. It also launched a new Promising Future
Scholarship Program with the intent of providing financial assistance to its US
employees as well as their dependents. Essentially, it maintains a committed
and dedicated workforce, a competitive advantage for the company.
This
performance reflects its clear vision of being the dominant company in the
plasma-based therapeutic industry. This is also reflected in its 2030 strategy
of creating sustainable performance through advancements and the launch of more
sophisticated products that better deliver value to customers and stakeholders
(CLS, 2021).
7. Acceptability
of Performance by the Stakeholder
Table
2: ESC Framework
|
Principles
|
Evidence
from company |
|
Transparency and accountability |
Transparency and accountability is
encouraged and mandated in the company. To this effect, they have the DE&I
Leader Accountability Model with the intent of making sure that all of its
leaders understand their important role and responsibilities in the company. It also adopts a peer accountability
teams that are used to pull the learning forward and expand the individual
network. |
|
Planned and genuine engagement |
Employee engagement score of 73.7% was
recorded in 2021, but it is still 7.1 below the global benchmark. 93% of the
employees clear understand what is expected of them to maintain a safe and
healthy workforce, and 87% believe that the company has implemented systems
for keeping remove employees connected. |
|
Inclusive engagement |
In the communities they operate in,
the company focuses on gaining insight into their evolving needs as well as
providing new and helpful solutions, which include medicine and advocacy
programs. |
|
Clear, accessible and simple to
understand information |
Its annual reports contain clear,
accessible and simple to understand information about their performance,
normally based on a 5-year review. Interested investors can make
informed-decisions based on the report because they can easily be understood.
|
|
Listen and learn to improve
consultation engagement |
This is reflected in their annual
report where the company engages its stakeholders through different platforms
to understand their needs and learn from that. Whatever is learnt is
implemented in its strategy. |
Source:
CSL (2021)
Linking
the discussions above to the company’s performance, it can be concluded that
its performance is acceptable to the stakeholders. This is also reflected in
the company's 2021 annual report, which shows that CSL has maintained a 5-year
improvement in its relationships with their communities (via numerous community
development initiatives), relationships with employees (via higher employee
engagement scores and programs), relationships with shareholders (via improved
and sustained dividends), and relationships with government (via accountable
and transparent leadership).
8. Nature
of the Customer Base
Its
customer base can be seen from its area of expertise. The company focuses on
rare and serious diseases and influenza vaccines. As of today, it is competing
on the global stage as one of the fastest-growing and largest protein-based
technology businesses, together with being one of the leading providers of
in-license vaccines. Therefore, it offers its products to both final consumers and
manufacturing companies (that make use of them in producing different types of
vaccines).
In
the rare disease market, the company’s products are being used across the globe
for treating bleeding disorders, immunodeficiencies, neurological disorders,
hereditary angioedema, and Alpha 1 antitrypsin deficiency (CSL 2022b). This
market base is founded on its top priority of saving and enhancing the lives of
its clients. It pledges commitment to ensuring quality of life for the patients
that are going through rare and serious diseases across the globe, a reflection
of their support for activities and programs aimed at addressing these issues
(CSL 2022b). CSL Behring is the subsidiary charged with attending to the needs
of this customer base.
In
the area of vaccines, the company is trans-continentally partnering in
preparedness for major pandemics and is also a major contributor to the
prevention and control of influenza across the globe. This market base is
serviced through Seqirus, a company it opened in 2015 following the merging of
bioCSL (its former influenza division) and the influenza vaccine business of
Novartis. By joining these companies, Seqirus has now been elevated to the rank
of the second largest influenza venture in the entire globe (CSL 2022c).
CLS
has maintained this customer base, and it is unlikely to change in the near
future. This is because all of its investments in research and development are
centered on this market base, and it did not hint (nor had any hint) as to
possible expansion outside this market base. However, one should not be too
quick to eliminate chances of expansion outside these market bases, as the
company has significant market capitalization ($130 billion) to acquire or
merge with companies in different (but possibly related) areas.
9. Possible
Direction of the Stakeholders in Relation to the Company’s Strategy
Investors
have been enjoying this tremendous growth with dividends paid per share
increasing from $2.94 in 2016-2017 to $5.22 in 2020-2021 (CLS, 2021).
Therefore, their direction in driving the company’s strategy is very clear. It
is evident that they have gained huge trust in the company, especially as its
share price continues to increase over the year, including positive financial
returns and a high dividend payout during the COVID-19 pandemic. Therefore,
they will likely push towards the direct of the company's investing more money
into their research and development programs with the hope of an even higher
return.
The
employees have shown huge trust in the company and its policies with a 73.7%
engagement score. 93% of the employees clearly understand what is expected of
them to maintain a safe and healthy workforce, and 87% believe that the company
has implemented systems for keeping remote employees connected. Therefore, it
is likely that they will push towards the direction of the company, helping in
the attainment of defined objectives.
With
its significant investment in the communities, they will likely follow the same
direction as the shareholders and employees, contributing towards ensuring the
sustainability of the company as its overall success will have a positive
influence on the communities. No government would like to lose a company with
such market capitalization, and it is likely that they will enact more policies
directed towards protecting companies in the same ranks.
Essentially,
it is expected that the stakeholder will not move away from the company’s
direction because it has shown, over the years that it is capable of delivering
value to the stakeholder. If such a value system is maintained, the trust of
the stakeholders will be sustained and vice versa.
10.
Conclusion
The
above analysis has shown that CLS maintains sustainable performance in the
market, both in its financial and non-financial aspects. This has grown over
the years and, in the process, helped the company to gain the trust and loyalty
of the stakeholders. In the industry, technology innovation, consolidation, and
expansion of infrastructure represent the key success factors. These key success
factors are embedded in the company’s short-and long-term goals and are also
attributed to its overall success. Evidence shows that, financially, the
company has been great. Its revenue has increased from $6.95 billion in
2016-2017 to $10.31 billion in 2020-2021. The increase in 2020–2021 was a
period when many companies in the aerospace and defense industries were
recording net losses. However, the reason for this sustained growth could be
due to the fact that it is operating in the pharmaceutical sector. Going
further, its net profit has also seen a five-year increase from $1.34 billion
in 2016-2017 to $2.38 billion in 2020-2021. Investors have been enjoying this
tremendous growth with dividends paid per share increasing from $2.94 in
2016-2017 to $5.22 in 2020-2021 (CLS, 2021). Once more, the significance of its
2020–2021 performance is highlighted by the fact that it was a period when
numerous companies across different industries were experiencing tremendous
losses.
The
main reason for its financial performance can be attributed to its research and
development. A 5-year review shows that the company’s investment in research
and development has increased from $667 million in 2016-2017 to $1.001 billion
in 2020-2021. Throughout this period of investment in research and development,
the company has seen a 66% increase in new product development, a 10% increase
in market development, and a 24% increase in lifecycle management (CLS, 2021).
The employees have also been satisfied with working for the company as they
returned a 73.7% score for employee engagement; 93% of the employees clearly
understand what is expected of them to maintain a safe and healthy workforce;
and 87% believe that the company has implemented systems for keeping remote
employees connected.
As
a result, it is concluded that CSL has been able to position itself in the
market as a true market leader for all stakeholders. The implication is that
the company will likely continue to enjoy its positive performance in the near
future.
11.
References
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CSL (2022a). “Our Story”. Commonwealth Serum Laboratories. https://www.csl.com/our-company/our-story
CSL (2022b). “Rare and Serious Diseases”. Commonwealth Serum Laboratories. https://www.csl.com/expertise/rare-and-serious-diseases
CSL (2022c). “Vaccines”. Commonwealth Serum Laboratories. https://www.csl.com/expertise/influenza-vaccines-and-antivenoms
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CAGR of 6.9% in forecast period”. Fortune Business Insight. https://www.fortunebusinessinsights.com/industry-reports/plasma-fractionation-market-101614
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12.
Appendices
12.1.
Appendix
1: PESTLE Analysis
|
Factor |
Advantage |
Disadvantage |
Score |
Decision |
|
Political |
Stable democracy |
Recent criticism on their deportation law, treatment of refugees and
human right laws. |
70 |
Favourable for business because they can expect sustainability and
certainty in government polices |
|
Economic |
Largest economy in the world with high spending power, and an
environment favourable for FDI |
Will likely become 3rd largest economy in the world by
2050, high labour cost and many other countries are competing to become
favourable for FDI |
80 |
Favourable because of its spending power and people trust brands
coming from USA due to perception of high quality. |
|
Social |
Diverse population with sound education and health system. |
Ageing workforce and increasing number of retiree |
70 |
Favourable because it can expect sound and qualified employees based
on the education system, as well as ability to offer sound health care
services to its workforce. |
|
Technological |
Early adopters of technologies with advancements made towards improved
productivity. |
High cost of labour and technologies. |
95 |
Highly favourable because it can aid the company’s research and
development, as well as advancements in plasma processing and its other business
operations. |
|
Environmental |
Beautiful ecosystem for relaxation |
Harsh weather conditions and the driest continent in the world.
Effects of climate change is pronounced |
80 |
Favourable because it has better conditions than some of the developed
nations |
|
Legal |
Sound legal system with equality protection for both foreigners and
nationals. Businesses are protected across different levels. |
Employee right is well pronounced, leading to numerous litigations |
80 |
Favourable because of sound protection for businesses, their
trademarks, copyright and entire operation process. |
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