Disruptive Innovation for FutureMed: Internal, External, Marketing and Technological Perspectives

This presentation discusses the challenges faced by FutureMed in improving its capacity to innovate and suggests solutions to overcome them. It covers internal, external, marketing and technological perspectives and suggests applying disruptive innovation method to overcome the challenges. The presentation also emphasizes on increasing cooperation among the departments of the company and thinking more open mindedly to reduce much of the problems.

DISRUPTIVE INNOVATION
FutureMed

INTRODUCTION
 The aim of this presentation is to discuss the internal
structure, market research techniques and R&D methodology,
relevant regulation and economic conditions affecting
FutureMed in improving the company’s capacity to innovate.
 There are some issues that hinders the growth of the company
which includes its orthodox corporate culture.
 The traditional outlook of the management and employees for
change has created issues to introduce change at any level.

INTERNAL PERSPECTIVES
 Problems
 FutureMed has a traditional organizational structure
where the senior management teams meet
 The conservative corporate culture of FutureMed
enables the managers to follow high resistance of
change in their survey responses
 The company thinks that it has been following a
relatively successful approach
 lacks approach that creates ground for innovation
to apply disruptive technologies

INTERNAL PERSPECTIVES
 Solution
 The management needs to apply
systematic approach that includes the
ability to see the changes in the market
ahead of the others
 The company needs a proper up to date
approach that will match with the demands
and expectation of the market and
customers.

INTERNAL PERSPECTIVES
 Solution
 The company needs to act quick to
spot the potentiality of the
company in introducing new
innovations of the nuclear
medication methods
 The resource allocation system
needs to have change so that
knowledge gap among the senior
and junior employees get reduced

INTERNAL PERSPECTIVES
 Solution
 The company needs to accept innovative changes as the
opportunities rather than the threats for the survival.
 It needs to avoid its belief of an established companies as
disruptive innovation does not allow the settle for the better as
the nature of the market always change (Teece, Peteraf and Leih
2016).

EXTERNAL PERSPECTIVES
 Problems
 The external factors include economic and legal aspects along
with the commitments and relationship with stakeholders.
 Radiopharmaceutical drugs are radio active in nature and have
unique medicinal formulations that incurs the company’s
registration under ARTG.
 the company also have financial problems to raise capital for
funding the development

EXTERNAL PERSPECTIVES
 Solution
 The company needs to asses their potential impacts on the
innovation capacity
 Identify all the needed resources or support for the successful
changes or innovation to enter the commitments to the
stakeholders,
 They can decide to limit the interference of the stakeholders in
proper managing of the external factors (Marx and Hsu 2015).

EXTERNAL PERSPECTIVES
 Solution
 As regulation process is less complex in other countries they
must opt for entering the new market
 It needs to apply systematic approach in the structure of
FutureMed to attract the investors and provide huge amount
of returns

MARKETING PERSPECTIVES
 Problem
 It generally depends upon the market research conducted by
the research and development department of the company
 It operates on result of focus group activities that directs them
towards the center of the target market that does not give
proper understanding of the demand of the groups

MARKETING PERSPECTIVES
 Solution
 The company needs to differentiate the target market based
on diagnostic laboratories, hospitals, venture capitalists and
business research and consulting service providers
 customer visit method to gain customer insight is important
 proper collaboration in the cross functional teams like R&D
and marketing

MARKETING PERSPECTIVES
 Solution
 FutureMed need to have empathetic design process that may
incur positive result in grabbing the consumer’s attention
 The company needs to increase the research process so that it
can develop new product lines for reaching more and variety
of customers present in the market (Karimi and Walter 2015).

TECHNOLOGY PERSPECTIVES
 Problems
 Due to conservative outlook for the change in the
organization, the technological development of the company
ha snot been possible so far
 The organizational setting of FutureMed cannot act quick to
spot the disruptive technology opportunities ort judge their
implementation based on new scientific discoveries

TECHNOLOGY PERSPECTIVES
 Solution
 company needs to increase vigilance for disruptive
innovation opportunities
 It can invest in the sustaining innovation by
developing good relationship with all the
stakeholders and customers (Ghezzi, Cortimiglia
and Frank 2015).
 This will help FutureMed to sell more products to
their most profitable customers.

TECHNOLOGY PERSPECTIVES
 Solution
 The company needs to follow TRIZ tool that will solve
problem through analysis and forecast of all the
identified disruptive innovation opportunities
 It needs to increase vigilance for disruptive innovation
opportunities so that no opportunity get missed for
implementing innovation and sustaining it.

CONCLUSION
 Therefore, it can be concluded that some adverse conditions
have affected FutureMed in improving its capacity to innovate.
 Disruptive innovation method needs to be applied so that the
company can overcome all the internal, external, marketing
and technological perspectives challenges.
 By increasing cooperation among the departments of the
company and thinking more open mindedly will reduce much
of the problems.

REFERENCES
 Ghezzi, A., Cortimiglia, M.N. and Frank, A.G., 2015. Strategy and business
model design in dynamic telecommunications industries: A study on Italian
mobile network operators. Technological Forecasting and Social Change, 90,
pp.346-354.
 Karimi, J. and Walter, Z., 2015. The role of dynamic capabilities in responding
to digital disruption: A factor-based study of the newspaper industry. Journal
of Management Information Systems, 32(1), pp.39-81.
 Marx, M. and Hsu, D.H., 2015. Strategic switchbacks: Dynamic
commercialization strategies for technology entrepreneurs. Research
Policy, 44(10), pp.1815-1826.
 Teece, D., Peteraf, M. and Leih, S., 2016. Dynamic capabilities and
organizational agility: Risk, uncertainty, and strategy in the innovation
economy. California Management Review, 58(4), pp.13-35.