Factors Affecting Innovation Process in FutureMed

Dynamic
Strategy and
Disruptive
Innovation
FutureMed

Introduction
 FutureMed in an Australia-based company which
operates in radiopharmaceuticals industry.
 There are seven board of directors who governs
its operations along with a senior management
team.
 No systematic approach has adopted by the
corporation in order to identify or create
potential disruptive technologies.
 Various factors makes it challenging for the
company to adopt an innovative approach in the
business to sustain its growth.

Factors Affecting Innovation
Process
 The research and development (R&D) department of the
company consists of focus groups that only have limited
understanding of doctors and physicians actual needs
(West and Bogers, 2014).
 Market structure of the company assists it in determining
key factors which enables the company in expanding its
customer base while relying on disruptive innovations.
 Lack of involvement between the employees and
management makes it difficult for the company to adopt an
innovative approach (Keskin, Diehl and Molenaar, 2013).
 There are various internal, external, technological and
marketing factors which impacts the innovative capacity of
FutureMed.

R&D Methodology of
FutureMed
 Effective R&D process is crucial for implementing
innovative approach in the business.
 Relevant data is collected by companies through market
research and evaluation of customers’ demands which
drives the innovation process (Mahr, Lievens and
Blazevic, 2014).
 FutureMed’s R&D operations consist of focus group
activities that evaluate its target market which include
doctors and physicians.
 The lack of understanding about the target customer
base makes it challenging for the company to rely on
disruptive innovation since it did not have a particular
direction (Greer and Lei, 2012).