Disruptive Innovation in Millennium Health Sciences

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Added on  2023/03/29

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This presentation explores the concept of disruptive innovation in Millennium Health Sciences. It provides an overview of the company's background, business units, main product, organizational culture, and recommendations for improvement. The presentation also highlights the importance of qualifications and eligibility, operational edge, internal and external perspectives, marketing and technology perspectives. The conclusion emphasizes the need for incorporating communication networks, encouraging feedback, staying up to date with external operations, and using technology to attract customers.

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Disruptive
Innovation
Millennium Health Sciences

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Introduction
Company background
Business units
Main product
Organisational Culture
Qualifications and Eligibility
Operational edge
Internal perspective
External perspective
Marketing perspective
Technology perspective
Recommendations
Conclusion
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Company background
Millennium Health Sciences was established in 1968.
Main products: Skin care
Main motive: Innovation
800 staff
R & D unit in Adelaide
Annual revenue: $2.2 billion
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Business Units
Mainly two units
Neutrino: Produces vitamins and supplements
Dermatech: Dermatological cosmetics
Dermatech is the oldest unit
Responsible for exports
30% profit comes from Dermatech
20% Revenue alone comes from the latter

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Main Product
Poseidon is the main product
Made with top secret ingredients
Made with help of Neutrino R & D.
Skin cream based product
Expected to generate revenue of $350 million in 2023.
$8 millions: Initial spending on R & D.
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Organisational Culture
Not easy to sink in.
Existence of hierarchy
Unavailability of free communication
Tough for new employees
Feedback not appreciated
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Qualifications and eleigibilty
Degree in pharmacology
Degree in microbiology
Promotion through experience
60-70 % staff have degree in the same
Includes marketing and sales teams
Assumed to give the company an edge

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Operational Edge
Through innovation
Innovation possible as a result of R & D.
Having expertise in pharmacology and microbiology
Thus, all departments have detailed knowledge about
business and operations.
Helps marketing department in research.
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Internal Perspective
Top down management structure
The senior management team is aged around 53.
Each business unit headed by a general Manager
800 staff in total.
General managers report to the board of directors.
Executive committee is known to refer to the latter as the
senior citizens club
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External Perspective
Low returns during recession
Favourable share of profit divided among shareholders
The company was regarded as an unfavourable employer
Rising needs for dermatology based products.
Rising number of skin care products, clinics and spas.

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Marketing perspective
Segregation of units can be deemed to be a marketing
strategy.
The marketing and sales executives were from
pharmacology and microbiology backgrounds.
Thus, high knowledge about business, products and
operations.
Research carried out by marketing department
Presented in monthly marketing meetings
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Technology perspective
High investment in R & D.
However, resulted in high costs
Deemed to be ineffective
Identification of technological perspective would help in
catering to the needs of research.
Lack of engagement of the company with use of
technology.
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Recommendations
Incorporate communication network
Encourage feedback
Staying up to date with external operations
Identification of the moves of the competitors.
Hiring individuals with marketing expertise
Use of technology to attract customers.

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Conclusion
Dermatology and skin care products offered
Neutrino and Dermatech are the main business units
Poseidon is the main range of products.
High investment in R & D.
All individuals must have relevant expertise
Unfavorable culture must be rectified
Technology must be used to engage customers.
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