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Economic Analysis Of Environmental Impacts

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Question:

Discuss about the Economic Analysis of Environmental Impacts.
 
 

Answer:

Introduction:

CSL is a global company that manufactures and delivers un-conventional biotherapies that is able to save the lives. The specialization of company is in biotherapeutics. CSL has so many branches in all over the world, the facilities of company available in Australia, Germany, United Kingdom, Switzerland and U.S. it has more than 17000 employees who are working in all over the world.

The mission of CSL is to enhance the wealth of share holders. Company delivers reliable products and services to their customers. CSL invest in the innovation of new products and develop a skilled and flexible workforce rewarded for innovation and excellent performance.

CSL aims to build products which are safer for customers. To provide services our customer with distinction, to give safe and better environment to work to employees and turn in to most irreplaceable company in biological field (CSL, n.d.).

Growth strategy is the strategy which has been applied by CSL and it was being successful strategy. CSL included market expansion, market penetration, product expansion, acquisition and diversification. CSL introduce their new products to the same market and this strategy helped CSL to grow market shares.  Market expansion is the strategy in which CSL sold its current products into new markets and due to having good quality in products, CSL was successful.  As per time and technology changed, CSL modified their old products in to innovative products and it was being accepted by new consumer and the growth strategy was being successful for CSL.

 

Current strategy of CSL

The current strategy of CSL is strategic partnership. It has been established by CSL and continues to sustain long lasting strategic partnership with companies that are situated in Australia, North America, Europe and Asia. A strategic partnership is based on long term partnership between two countries and involves various factors such as historic, political, economic and social factors (Cheung-Judge & Holbeche, 2015). These partnerships with various countries support a wide range of programs of innovative research. It includes both basic and allocated research in plasma therapeutics, recombinant biotechnology and vaccines. It has so many capabilities to make its research effective. CSL conducts panel of scientific advisory and clinical trials in number of countries so that practitioner can take advantage of this panel and trials. The manufacturing capabilities of CSL are outstanding. Furthermore CSL has the experience of commercialization in specific niche areas to provide effective product launches. The type of partnership of CSL is licensing partnership that is around innovative technologies and products candidates. While monitoring the new opportunity regarding innovation of product, CSL Company finds candidates who able to possess well validated target, strong clinical data, strong position of intellectual property and well defined properties. The product candidate should be active to fulfilling the unmet medical needs of patient (Zhang, et. al., 2013).

Company has faced issue with employee. There have been many criticisms of the company practices that company has to face in recently. It was complained by employee who was working with CSL Company. Employees of the CSL started to believe that they were working in under pressure and the working burden of the company was endless. Two major controversies of CSL will be describing in this report.

Criticism from employee

Criticism of CSL business practices come from employee. Employees of CSL are not happy with their working and do work under pressure. It has been complained by employee that the training system of CSL Company is unorganized. Training system of CSL is very important aspect because it is the company which deals with plasma products, vaccines and pharmaceuticals. It has life saving medicines so it is necessary for the company to provide outstanding and knowledgeable training to their employees so that they get know about the medicines and the way of treating the patient. Employees of company are happy with the salary and work but they are most disappointed with the management of the company. They are happy with innovating products and the services but they are unhappy with the management (Douglas, 2016).

CSL is the biggest drug company of Australia and it is trying to reduce the effect of Criticism created through FDA of its production operations. FDA found dark participles in vials in the vaccine of swine flu. FDA sent a warning letter to CSL regarding its manufacture operations. FDA gave warning to CSL that arisen issues if not fixed, company’s license may withdraw. CSL said that the product of its company is safe and the founded issues would be fixed as soon as possible. FDA said that CSL connected in limited analysis of the process of manufacturing and do not evaluate the raw materials. The Australian Therapeutic Goods Administration said that dark participles in vaccine will be removed when the vaccine is kept at room temperature. It may be done because of the interaction between vaccine and rubber stopper of vial (Australia business review, 2014).

 

Environmental analysis

CSL is the international company and there are so many external factors which may influence company widely. It is important for the company to analyze the external environment because there are so many factors such as political, environmental, economical, socio cultural, technological and legal which may influence the company’s strategy (Dixon, et. al., 2013). The SWOT analysis will be describing in the context of CSL. There are number of competitors of CSL such as Peptech, life therapeutics and pharmasynth. They all are working in the same field that is why it is require for CSL to get know about the strength, weaknesses, opportunity and threats and try to overcome the weaknesses by using strengths.

CSL is the well known company in the field of biotechnology. It has been observed that biotechnology industry is one of the best industries that grow rapidly. The capacity of CSL limited is extensive. The niche segments are usually being operated by CSL and in niche segments vaccines, anti-venom, plasma products and genetics are involved. The products of the company are vaccines, blood plasma derivatives, cell culture regents and anti-venom. The targeted group of CSL is clinic and hospitals. It is the company that believes in heath work environment and provide proper training regarding job profile (Freeman et. al., 2014).

CSL is a company that believes in innovation and produce new products for life saving. The major weakness of CSL is that in searching the requirement and developing the new products, it consumes both time and money in huge manner. The economy stability of this company is not good. Company has number of ethical issues. However, training system is there but the way of providing training is not good as it should be. Employees of the company are not happy due to mismanagement (Li?Kim?Moy & Booy, 2016).

It has wide opportunity to enhance its business in to number of countries. CSL increases the awareness regarding uses of stem cells, enzymes and many more in the people and can expand its business in particular areas related to above mentioned issues. It is very active company and can adopt new technologies rapidly. Nano technology is the new technology which can be emerged with biotechnology to produce medicines and technologies for next generation. It is able to usage of stems cell so it would be huge opportunity for CSL if it ties ups with famous and well known hospitals (Krause & Schutte, 2016).

Along with opportunities, CSL has some threats such as strict regulations from Australian government. The business of CSL is related to human lives so the policies of Australian government are very strict. It is the industry where skilled labours are required. There are number of bio tech companies started the same business and the most challenging factor of CSL is that the huge volume of medical contract work that is now pursuing by China.

 

Organisational culture

It is the culture in which assumptions, value and beliefs are being shared in the organization for the purpose of letting know that how people behave in organization. Shared value and beliefs have an intense effect on the people in the company. The importance of organizational culture in CSL that due to this culture employees of the company get know the way of interaction not only with colleagues but also with the people of outside the company. The organizational culture of CSL is positive and CSL committed to their employee that they are being treated with lawfully and fairly.  CSL promotes the safety, collaboration, diversity in the workplace and encourage their employees by appreciating them. There is a procedure of reward and recognition in CSL Company and this system motivates the employee and encourage towards accomplishing the goals on time. Talent management works on development planning, which is enthusiasm staff of the company, and able to find the needs of training and development.  Learning and development programs are being run by CSL to enhance the productivity of each level of employee (Williams, et. al., 2015).

The core values of CSL are an attractive and it set out to recognize a set of values which is common for the diverse business from the CSL limited. These values are innovation, integrity, collaboration, superior performance and focus of customer. The values of CSL regarding innovation are that it seeks the way in which they can do innovation in better way. It believes to invest in emerging technology so that with the help of this technology new product and existing therapies can be released improved. In the term of collaboration, CSL group collaborate with plasma donor, group of patients, nurses, home healthcare companies, physicians and investigators. The major perspective of CSL is to working together for attaining better outcomes. CSL is a company that continuous committed with patients who are completely depend upon the CSL’s products (Rodriguez, et. al., 2015).

Stakeholder engagement

Stakeholder engagement is the foundation of corporate responsibility and recognized key stakeholders such as employees, regulators, plasma donors, patient group, business partner, investor, regulator and scientific community. Paul Perreault is the CEO of CSL. He gives preference to the stakeholder engagement (Henisz, et. al., 2014). Stakeholder engagement covers various activities from the distribution of information and material of education to the providers of health services. CSL uses number of mechanism as per objectives of the engagement for stake holder engagement. Approaches are categorized in to customer surveys, perception of health professional and visiting to major suppliers. To motivate the employee CEO provides monetary or non-monetary incentives. Road shows are being undertaken by company for briefing investors. The competition of CSL with its competitors is fair and honest. Corrupt practices are not being accepted or tolerated by CSL. The relationships of company with their stakeholders are very strong (Cote and Osborne, 2017).

 

Conclusion

It has been concluded that strategic development within an organization is crucial. CSL Company is a global company of biotherapies industry. The vision and mission of CSL Company has been discussed in this report. Strategic partnership is a current strategy of CSL Company. Two major criticism of the business has been demonstrated in this report. SWOT analysis shows the CSL’s company strength, weakness, opportunity and threat. With the help of environmental analysis, company would be able to recognize it weaknesses and threats. Company has core values such as innovation, collaboration, integrity and many more which are being made for the purpose of enhancing the productivity of employee. Organizational culture is important for the workplace because it determines that the work environment should be positive and interaction between employees should be done in an adequate manner.

 

References

Australia business review, 2014, Australian Companies like CSL Limited Choosing Buyback Options More Often, retrieved on 8th may 2017 from: https://www.businessreviewaustralia.com/finance/1370/Australian-Companies-Like-CSL-Limited-Choosing-Buyback-Options-More-Often.

Cheung-Judge, M. & Holbeche, L. 2015, Organization development: a practitioner's guide for OD and HR, Second edn, Kogan Page Limited, London, United Kingdom.

Cote, J. and Osborne, P., 2017, The value of stakeholder engagement in a long term scientific research program in Puget Sound.

CSL, n.d., CSL Group global, retrieved on 8th may 2017 from: https://www.csl.com.au/corporate-responsibility.htm.

Dixon, J, Scura, L, Carpenter, R. and Sherman, P, 2013, Economic analysis of environmental impacts, Routledge.

Douglas, A., 2016, Lost in translation?: Where to now for Australian Medical Research. AQ-Australian Quarterly, 87(4), p.17.

Freeman III, A, M, Herriges, J, A, and Kling, C, L, 2014, The measurement of environmental and resource values: theory and methods, Routledge.

Henisz, W, J, Dorobantu, S, & Nartey, L, J, 2014 Spinning gold: The financial returns to stakeholder engagement, Strategic Management Journal, 35(12), pp.1727-1748.

Krause, W. & Schutte, C. 2016, "Developing design propositions for an open innovation approach for smes", South African Journal of Industrial Engineering, vol. 27, no. 3, pp. 37-49.

Li?Kim?Moy, J. & Booy, R. 2016, The manufacturing process should remain the focus for severe febrile reactions in children administered an Australian inactivated influenza vaccine during 2010, Influenza and Other Respiratory Viruses, vol. 10, no. 1, pp. 9-13.

Rodriguez, V., Mancuso, M.E., Warad, D., Hay, C.R.M., DiMichele, D.M., Valentino, L., Kenet, G. and Kulkarni, R., 2015. Central venous access device (CVAD) complications in Haemophilia with inhibitors undergoing immune tolerance induction: Lessons from the international immune tolerance study. Haemophilia, 21(5), pp.e369-e374.

Williams, B., Perillo, S. and Brown, T., 2015, What are the factors of organizational culture in health care settings that act as barriers to the implementation of evidence-based practice? A scoping review, Nurse education today, 35(2), pp.e34-e41.

Zhang, Q., Mclellan, B.C., Tezuka, T. and Ishihara, K.N., 2013,  A methodology for economic and environmental analysis of electric vehicles with different operational conditions. Energy, 61, pp.118-127.

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