Low Cost Country Sourcing. A Canadian Pharmaceutical Perspective

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1 Low Cost Country Sourcing A Canadian Pharmaceutical Perspective

2 Low Cost Country Sourcing: A Canadian Pharmaceutical Perspective This publication is also available electronically on the World Wide Web in HTML format at the following address: Permission to Reproduce Except as otherwise specifically noted, the information in this publication may be reproduced, in part or in whole and by any means, without charge or further permission from Industry Canada, provided that due diligence is exercised in ensuring the accuracy of the information reproduced; that Industry Canada is identified as the source institution; and that the reproduction is not represented as an official version of the information reproduced, nor as having been made in affiliation with, or with the endorsement of, Industry Canada. For permission to reproduce the information in this publication for commercial redistribution, please Cat. No. Iu44-46/4-2007E-PDF ISBN Industry Canada registration number: Aussi offert en français sous le titre Approvisionnement mondial : Perspective pharmaceutique

3 Executive Summary Business Drivers and Linkages Canadian pharmaceutical supply chain managers are now faced with the challenges of efficiently combining low cost, global sourcing and supply chain agility at the same time. Low Cost Country Sourcing (LCCS) is strategically important for 50% of Canadian pharmaceutical manufacturers. On time delivery, short lead time fulfillment, predictability, variable demand, customized orders/products capability and cost are key agility drivers for more than 94% of Canadian pharmaceutical manufacturers. 1 Origin and Type of Products Sourced Since initiating LCCS, a substantial percentage of pharmaceutical manufacturers increased their lead time, inventory level, logistics cost and Total Landed Cost (TLC) while decreasing the quality of the goods. Best in Class Analysis The best practices of pharmaceutical manufacturers who decreased their TLC include establishing secondary source(s) in less risky regions/countries, using air transportation mode and having dedicated resources/team on global sourcing. China is the main location of LCCS of goods with most Canadian pharmaceutical manufacturers sourcing from that country. The number of manufacturers that plan to have 20-50% of their sourcing from China is expected to increase significantly. Canadian pharmaceutical manufacturers are playing the role of wholesalers for a large portion of their LCC imports. Only 37% of them source more than 50% of LCC products that qualify as intermediate goods compared to more than 60% to those in manufacturing. 1 Of pharmaceutical manufacturers who are able to achieve LCC on-time shipments more than 75% of the time, 81% of them are engaged in planning forecasting and demand planning with LCCS suppliers compared to 4% who do not achieve more than 75% on-time shipments. 1 Key Performance Indicators (KPI) The minimum lead time for pharmaceutical products sourced from China is approximately 3 times that of products sourced from North America (NA). More than 65% of pharmaceutical manufacturers achieve LCC on-time shipments of NA products but only 9% of LCCS products. 1

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5 Table of Contents Background 2 I- Strategic Importance and Business Drivers Business Drivers 3 Business Linkages 4 II- Origin and Type of Product Sourced 5 III- Key Performance Indicators (KPI) Lead Time Variability 6 On-Time Delivery 7 Performance Variation 8 IV- Best in Class Analysis 9 Definitions 11 References 12

6 Background Canadian pharmaceutical manufacturers are facing increasing pressures to reduce costs and to engage in globalization and as a result, low cost country sourcing (LCCS) is quickly emerging as a business trend in many sectors. The liberalization of trade restrictions have facilitated a surge in the number of suppliers sourcing goods from countries where labor, material, manufacturing and operating costs are significantly lower than in the more developed economies. A shift to LCCS has a great impact on supply chains globally, particularly for manufacturers and retailers who are pressing suppliers to match prices from low cost countries such as China. LCCS and international logistics increases complexity in many aspects of the supply chain; it becomes a multi-party process fraught with greater unpredictability in quality, lead times, costs and risks. Canadian pharmaceutical manufacturers need quality information on the best practices and future trends on LCCS in order to build more points of agility into their logistics networks. issues and drivers regarding LCCS and supply chain agility enable policy makers to more effectively develop policies that respond to current and future industry needs. More than 400 industry contributors representing over 950 business locations, including 61 Canadian pharmaceutical supply chain players, participated in this research. The analysis includes provincial/regional, firm-size, and sector and supply chain specific representation. Section I of this report analyzes the strategic importance and the main business drivers of LCCS. Section II then examines the origins and type of products sourced from LCCS. A summary of key performance indicators with the key results from LCCS is provided in Section III. The final section discusses the LCCS best in class practices. Industry Canada has partnered with the Supply Chain & Logistics Association of Canada (SCL) Research Committee to initiate research on global sourcing as an added component of the supply chain and logistics key performance indicators (KPI) initiative. Based on the 2007 Canadian LCCS Survey conducted by SCL, the data of this research aims to provide Canadian supply chain managers with the latest KPI, best practices and future trends on LCCS and supply chain agility. The analysis allows manufacturers to better understand the current trends and to benchmark certain KPI of LCCS within their own specific sector. This report also identifies industry perspectives, 2

7 I- Strategic Importance and Business Drivers Business Drivers Establishing a flexible production network with suppliers from different countries can have a major impact on the assembly and the response capability to customer s demand. The process of incorporating Low Cost Country Sourcing (LCCS) goods into the supply chain is strategically important for 50% of Canadian pharmaceutical manufacturers compared to 67% for Canadian manufacturers. 1 Due to the complexity in dealing with patent regulations of different countries, pharmaceutical manufacturers are opting to develop and produce their products within their own region or country. Strategic importance of LCCS strategically important for more than 94% of Canadian pharmaceutical manufacturers. Canadian pharmaceutical supply chain managers are now faced with the challenges of efficiently combining low cost, global sourcing and supply chain agility at the same time. 1 Importance of supply chain agility drivers in pharmaceutical manufacturing ON-TIME DELIVERY SHORT LEAD T IME FULFILMENT VARIABLE DEMAND CUST OMIZED ORDERS/ PRODUCT S PREDICTABILITY COST S PHARMACEUTICAL MANUFACTURING There are operational and strategic supply chain management priorities associated with global sourcing that must be met in order for Canadian pharmaceutical manufacturers to compete with low cost countries (such as China). Supply chain agility is an operational strategy focused on improving velocity and flexibility in the supply chain; many Canadian manufacturers are developing supply chain agility in Just-In-Time (JIT) and mass customization mode. On-time delivery, short lead time fulfillment, predictability, variable demand, customized orders/ products capability, predictability and costs are also key supply chain agility factors. All of these drivers are Industrial sustainability is another important factor for LCCS. More than 80% of Canadian pharmaceutical manufacturers rate this aspect as important for their own firms and close to 60% rate this as important for their LCC suppliers. On the other hand, only 25% of them have in place a LCC supply chain action plan on sustainability. 1 Importance of LCCS environment sustainability practices and supply chain action in the pharmaceutical manufacturing sector SUSTAINABILITY (ENVIRONMENT) PRACTICES WITHIN YOUR ORGANIZATION SUSTAINABILITY (ENVIRONMENT) PRACTICES WITH YOUR LCC SUPPLIERS SUPPLY CHAIN ACTION PLAN ON SUSTAINABILITY 3

8 The main drivers for LCCS implementation are based on competition pressures, gaining cost advantages and responding to customer pressures. Competition pressures are strong among generic pharmaceuticals who primarily produce copies of brand-name drugs that have expired patents, or are working around existing patents, particularly from low-cost countries. 2 Close to 85% of Canadian pharmaceutical manufacturers are receiving mandates from their customers to include LCC inputs into their product lines. 1 Key drivers of LCCS implementation are opting for strategic alliances and/or joint ventures (JV) with LCC firms while only 6% are investing in facilities located in LCCS through foreign direct investment (FDI). 1 The global business trend of Canadian pharmaceutical manufacturing is to increase globalization networks while maintaining operation locally. Canadian pharmaceutical manufacturing LCCS business linkages FOREIGN DIRECT INVESTMENT JOINT VENTURES 0% 20% 40% 60% CURRENT PLANNED (NEXT 5 YEARS) GAIN COST ADVANTAGE CUSTOMER PRESSURES ESTABLISH SUPPLY CLOSER TO CUSTOMER MARKETS PENETRATE NEW MARKETS COMPETITION PRESSURES MANUFACTURING PHARMACEUTICALS Although in the next five years more firms are planning to increase its level of FDI, there will still be a large majority of Canadian pharmaceutical manufacturers engaged in joint ventures. 1 Compared to sourcing from traditional market transactions directly from LCC suppliers, JV allow firms to increase their control level over their supply of intermediate and finished goods, which is a crucial factor for pharmaceutical manufacturers. Finally, establishing supply closer to customer markets (28%) and penetrating new markets (28%) do not serve as key LCCS drivers for pharmaceutical manufacturing when compared to the averages of manufacturing sector. 1 Business Linkages More than 90% of Canadian pharmaceutical manufacturers are sourcing from traditional market transactions (import and/or export of goods and services with known specifications) directly from LCC suppliers. Close to 20% 4

9 II- Origin and type of product sourced China is the main location of LCCS of goods as most Canadian pharmaceutical manufacturers source from that country. Clinical trials account for two-thirds of drug development and can be conducted in China for 10% of the cost in Western countries. Service activities outsourced are mainly IT services, R&D, and commercial analytics. 2 Although South and Central America do not play a significant role in many of the other manufacturing sectors, it is a key location of LCCS for over 40% of Canadian pharmaceutical manufacturers. India is a major player in the sourcing of services functions but is only a marginal source in terms of LCCS of goods. 1 Location of LCCS (current, as % of total sourcing) CHINA INDIA ASIA (EXCLUDING CHINA AND INDIA) MEXICO SOUTH AND CENTRAL AMERICA EASTERN EUROPE 1-10% 10-20% 20-50% >50% Looking ahead in the next five years, it is forecasted that there will be a slight shift in China s dominance in terms of LCCS by Canadian pharmaceutical manufacturers. The number of manufacturers that plan to have 20-50% of their sourcing from China is expected to increase but it is accompanied by an expected decrease in China s overall LCCS rate. All the other LCC markets are forecasted to have moderate growth. 1 Location of LCCS (next 5 years, as % of total sourcing) Canadian pharmaceutical manufacturers import products from LCC that qualify as intermediate goods (goods that would enter into the production) or as finished goods that complement their product line. Only 37% of Canadian pharmaceutical manufacturers source more than 50% of LCC products that qualify as intermediate goods. This is a significant difference to over 60% of manufacturers who source more than 50% of LCC products that qualify as intermediate goods. 1 The implication is that pharmaceutical manufacturers are playing the role of wholesalers for a large portion of their LCC imports. 1-20% 20-50% > 50% CHINA INDIA ASIA (EXCLUDING CHINA AND INDIA) MEXICO SOUTH AND CENTRAL AMERICA EASTERN EUROPE Product sourced that qualify as intermediate goods (as % of total sourcing) 1-10% 10-20% MANUFACTURING PHARMACEUTICAL 20-50% >50% 5

10 The type of product sourced from NA and LCC also differs widely. Intellectual Property Rights (IPR) is especially crucial in this sector as there is high cost associated with the product development and risk associated with the ease of copying these products. Type of products sourced from N.A and LCC for pharmaceutical manufacturing STANDARDIZED PRODUCTS AND PARTS SMALL BATCH / NON STANDARDIZED PRODUCTS AND PARTS PRODUCTS PROTECTED BY INTELLECTUAL PROPERTY RIGHTS LABOUR INTENSIVE PRODUCTS AND PARTS Due to these reasons, there is a much higher percentage of Canadian manufacturers who source products protected by intellectual rights and small batch / non standardized products and parts from NA (95% and 89% respectively) than from LCC (12% for both). 1 For labor intensive and standardized products and parts, there is a reverse of the phenomenon with most Canadian pharmaceutical manufacturers sourcing these types of products from LCC as labor account for 35% of pharmaceutical industry costs. 2 LCC N.A. III- Key Performance Indicators (KPI) An increasing number of Canadian pharmaceutical manufacturers are planning to integrate global production processes into their business. Due to the associated costs and risks of LCCS, KPI serves as a valuable measure in determining which activity is of strategic importance and in evaluating the performance of such specific activities. Lead Time Variability Lead time is defined as the amount of time between the placing of an order and the receipt of the ordered goods at the final destination. It is one of the main factors that drive inventory levels and safety stock; therefore, firms are constantly seeking ways to control and to decrease the amount of time required for order transmittal, order processing, order preparation and transportation. 3 Furthermore, long and uncertain lead times caused by LCCS can become a source of disruption for businesses. For example, when experiencing large variability in lead time, firms that choose to carry excess inventory as a way to counter and to protect themselves from uncertainty may also be increasing its inventory carrying costs. Pharmaceutical supply chain lead time for North America and China MIN. CHINA MIN. N.A. MAX. CHINA MAX. N.A. <10 DAYS DAYS 1-3 MONTHS 3-6 MONTHS >6 MONTHS 6

11 As one of the top sourcing countries for Canada, China s average lead time serve as an important comparison with that of NA s. The minimum lead time for pharmaceutical products sourced from China is approximately 3 times that of NA. In terms of lead time variability, pharmaceutical products sourced from China generally have a maximum lead time ranging from 1 to more than 6 months, while for NA sourced products, the typical range is 10 days to 3 months. 1 High variability of lead time creates a high degree of unpredictability that is not desirable for the optimization of order fulfillment and for cost control purposes. On-time Delivery As opposed to the Just-in-Case method, firms are able to keep their inventory levels at a minimum which in turn drives down warehousing costs and increases their supply chain agility and flexibility. 4 The speed and flexibility with which supply chain activities can be accomplished is often measured by inventory turns (a measure of how many times per year the average inventory for a firm changes, or is sold). On-time deliveries impact the accurate measurement of the firms inventory turn as achieving agility begins with the predictable physical flow of goods, from the point of supply to the shipment of the final destination. 4 When engaged in LCCS, a low percentage of firms have been able to achieve greater than 90% on-time delivery of shipments for products sourced from LCC. More than 65% of Canadian pharmaceutical achieve on-time shipments of Canadian and US products, but only 9% of Canadian pharmaceutical manufacturers achieve on-time shipments through LCCS. 1 On-time delivery of shipments (>90%) Canadian pharmaceutical supply chain management activities are not as efficient as in the US or when compared to other sectors due to strict regulatory requirements of this sector and pharmaceutical manufacturers playing the wholesalers role at the same time. There is a 137% gap between Canadian and US pharmaceutical inventory turns accompanied by a 44% Canadian inventory turns decline from 1992 to However, Canadian pharmaceutical manufacturers are still able to achieve lower logistics costs when compared to the overall manufacturing average measured in terms of sales. 4 CANADIAN PRODUCTS U.S. PRODUCTS PRODUCTS FROM LCCS While on-time delivery of shipments allow firms to plan for production, warehousing and other scheduling of activities, the predictability also allows for firms to engage in Just-in-Time (JIT) practices. The JIT principles are based on manufacturers producing exactly what is needed at the time it is needed. 7

12 Performance Variation Canadian pharmaceutical manufacturing performance variation since initiating LCCS 100% 80% able to identify and analyze their landed cost variance as a way to improve international competitiveness. It is also important to carefully manage the financial supply chain. Payment terms, cost of capital, inflation rates, exchange rates, etc. across several different economies all have the potential to dramatically impact the TLC or the total supply chain performance. 60% 40% 20% 0% LEAD TIME INVENTORY LEVEL LOGISTICS COSTS QUALITY TOTAL LANDED COSTS - 20% - 40% - 60% - 80% Since initiating LCCS, a majority of Canadian pharmaceutical manufacturers substantially increased their lead time, inventory level, logistics costs and TLC while decreasing their quality of goods. 1 Total landed cost is the combination of all costs associated with making and delivering cross-border shipments, including the actual costs of all the goods, transportation cost, insurance and freight, custom duties and preferential rates, taxes, tariffs and any additional charges caused by depreciation and goods becoming obsolete. 5 An important factor in the lead time fulfillment of LCCS is the management of duties and tariffs with harmonized system (HS) codes as it is very complex process with a major cost component. It is through total landed cost analysis that firms are 8

13 IV- Best in Class Analysis Due to increasing inventory costs, globalization of supply chains and challenges of satisfying the dynamic customer demand in such a volatile market, there is a growing importance for firms to integrate their LCCS activities to ensure supply chain agility. Of pharmaceutical manufacturers who are able to achieve LCC on-time shipments more than 75% of the time, 81% of them are engaged in planning forecasting and demand planning with LCCS suppliers, compared to 4% who achieve less than 75% on-time shipments. 1 Pharmaceutical supply chain best in class LCCS on-time shipments PLANNING FORECASTING AND DEMAND PLANNING SUPPLY CHAIN VISIBILITY COLLABORATION WITH LOGISTICS SERVICE PROVIDERS 75% ON-TIME 75% ON-TIME Through demand planning and forecasting with LCCS suppliers, there is better control of response time and therefore an improvement in its fulfillment performance. This planning supports the coordination of the point-of-sale, replenishment, and statistical modeling required to arrive at consensus forecasts and promotional plans, while suppliers have access to production plans and use demand and inventory signals to optimize their replenishment effort. 5 Supply chain visibility with LCCS suppliers is another best practice used to facilitate on-time shipments. Visibility systems track the progress of the shipments through the gathering of information from multiple internal and external sources; therefore, an integrated IT system is often required. Tracking pharmaceutical shipments become even more important because of strict industry regulations. In Canada, pharmaceutical supply chain partners are required to use Drug Identification Number codes to trace daily inventory. The ability to track pharmaceutical goods is also used as a barrier for potential counterfeiters and to facilitate special handling requirements such as temperature control. 6 Pressures to improve operational performance, reduce inventory and shorten lead order cycle times drive firms to seek ways to decrease their lead time variability, actively manage shipments around bottlenecks, reroute or reallocate shipments in transit and use consolidation strategies to lower freight costs. 7 Firms that are able to implement a lean strategy rely on application and information frameworks to monitor actual customer demand and production throughput relative to each day s plan, then trigger re-planning processes as required. 8 Of pharmaceutical manufacturers who are able to achieve on-time shipments more than 75% of the time, 90% of them have a supply chain visibility system in place with LCCS suppliers. Comparatively, only 4% of pharmaceutical manufacturers who achieve less than 75% on-time have supply chain visibility with LCCS suppliers. 1 Of pharmaceutical manufacturers who are able to achieve on-time shipments more than 75% of the time, 100% of them collaborate with their logistics provider, compared to 8% who achieve less than 75% on-time shipments. 1 This is an indication that this process of collaboration between buyers, sellers and carriers in strategic planning, forecasting and replenishment, and physical execution is of great strategic importance. 9 9

14 The best practices of Canadian pharmaceutical manufacturers who are able to decrease their TLC show a similar trend across the various sectors. As lead time variability and on-time shipments are an area of concern for LCCS, 64% of pharmaceutical manufacturers who decreased their TLC are engaged in the practice of establishing secondary source(s) in less risky regions/countries (having a supply base in North America), compared to 10% who increased their TLC. 1 Canadian pharmaceutical supply chain LCCS Total landed cost analysis USE AIR TRANSPORTATION MODE ESTABLISHING SECONDARY SOURCE(S) IN LESS RISKY COUNTRY/REGION CARRYING ADDITIONAL INVENTORY DEDICATED RESOURCES/ TEAM ON GLOBAL SOURCING TOTAL LANDED COST ANALYSIS TLC TLC increasing inventory levels increases carrying costs which ultimately has a negative impact on TLC. 1 Regardless of the size of the retailers or manufacturers or of the different sectors, having dedicated resources/ team on global sourcing is an important and consistent factor in decreasing TLC. This ensures that there is specialized focus on key issues related to global sourcing. Of pharmaceutical manufacturers who are able to decrease their TLC, 68% of them have dedicated resources/team on global sourcing compared to 20% that increased their TLC. 1 The top three factors associated with the best in class of on-time shipments and the ability to decrease TLC are planning forecasting and demand planning with LCCS suppliers, establishing secondary source(s) in less risky country/region and having dedicated resources/ team on global sourcing. When manufacturers are engaged in these three practices, they are likely to achieve more than 75% on-time shipments as well as a decrease of their TLC. 1 TRAINING LCCS SUPPLIERS ON SUPPLY CHAIN PROCESSES In the pharmaceutical sector where the products are often of high value and time-sensitive, it is particularly important to have the capability to use air transportation as a method to decrease the uncertainty of LCCS. This form of transportation does not add the same value for all sectors; for the CPG sector, it serves less significance as they deal mainly with standardized goods. A common practice that pharmaceutical manufacturers choose to engage in is to carry additional inventory. However, only 32% of Canadian pharmaceutical manufacturers who decreased their TLC are carrying more inventory compared to 87% who actually increased their TLC. This is emphasized by the fact that 10

15 Definitions Consumer product goods (CPG): Consumable goods such as food and beverages, footwear and apparel, tobacco, and cleaning products. In general, CPGs are things that get used up and have to be replaced frequently, in contrast to items that people usually keep for a long time, such as cars and furniture. Foreign Direct Investment (FDI): Foreign direct investment is investment of foreign assets into domestic structures, equipment, and organizations. It does not include foreign investment into the stock markets. Key Performance Indicators (KPI): A measure which is of strategic importance to a company or department. For example, a supply chain flexibility metric is Supplier-On-time Delivery Performance which indicates the percentage of orders that are fulfilled on or before the original requested date. Lead Time: Quantitative indicator measuring the time difference between stimulus and response. This indicator can be applied to different levels of the logistics process, for example to measure the actual time taken between the placing of an order and the delivery of a product. Harmonized System (HS) codes: An international method of classifying products for trading purposes. This classification is used by customs officials around the world to determine the duties, taxes and regulations that apply to the product. Inventory Turns: The cost of goods sold divided by the average level of inventory on hand. This ratio measures how many times a company`s inventory has been sold during a period of time. Operationally, inventory turns are measures as total throughput divided by average level of inventory for a given period; how many times a year the average inventory for a firm changes, or is sold. Joint Venture (JV): A contractual agreement joining together two or more parties for the purpose of executing a particular business undertaking. All parties agree to share in the profits and losses of the enterprise. Just-in-Time (JIT): Lean Manufacturing model developed initially by the engineer Taiichi Ohno at Toyota which consists of monitoring and controlling the production system to eliminate all sources of waste, in particular related to intermediate stocks and poor quality. Production is thus equal to demand at all stages of the process. Low cost country sourcing (LCCS): Relocation of upstream parts of the value chain to regions with comparatively lower price levels. Original Equipment Manufacturer (OEM): A producer that provides a product to its customers, who proceed to modify or bundle it before distributing it to their customers. Total Landed Cost (TLC): All costs associated with making and delivering cross-border shipments, including actual costs of all the goods, inventory carrying cost, product quality cost, transportation cost, insurance and freight, custom duties and preferential rates, taxes, tariffs and additional charges. Vendor Managed Inventory (VMI): A process in which a supplier generates orders for its distributor based on demand information sent by the distributor. But increasingly, Vendor Managed Inventory is providing the benefits of smoother demand, increased sales, lower inventories and reduced costs to other industries. 11

16 References 1 Canadian Low Cost Country Sourcing Survey, Supply Chain and Logistics Association, Industry Canada, Supply Chain Health Industries, January Forbes.com, Logistics: Glossary 4 Industry Canada, Logistics and SCM KPI Analysis, November Aberdeen Access, You Can t Plan What You Can t See, November Supply Chain Spotlight: Pharmaceutical Industry, May Aberdeen Access, The Supply Chain Visibility Roadmap, November Aberdeen Access, Manufacturing Planning Accuracy Bolstered by Multiple Players, October Accenture, Supply Chain Integration: Are Logistics Service Providers Getting it Right? 12

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