MBA501 Dynamic Strategy: Analyzing FutureMed's External Innovation

This case study solution examines the key external factors impacting FutureMed's innovative capacity in the radiopharmaceutical industry. It identifies stringent government regulations, a shortage of expert pharmacists, competition from other pharmaceutical companies, and concerns regarding medication overdose as significant challenges. Furthermore, negative perceptions and financial dependency on shareholders are also discussed. The solution recommends forming a collaborative team to engage with the government, launching awareness campaigns, and potentially recruiting international experts to enhance innovation. References to relevant sources such as Kumar et al. (2016) and Tga.gov.au (2018) are included. Desklib provides students access to more solved assignments and resources.

KEY EXTERNAL FACTORS IMPACTING THE
ORGANISATION’S INNOVATIVE CAPACITY
• There are strict and stringent laws by the
Australian government to regulate Radio
pharmaceutical medicines (Tga.gov.au 2018).
• There are not enough pharmacists expert in this
field.
• A number of pharmaceutical companies like
Global Medical Solutions, Cyclotek and Clarity
pharmaceuticals are competing in the same field.

KEY EXTERNAL FACTORS IMPACTING THE
ORGANISATION’S INNOVATIVE CAPACITY
• WHO in its documents strictly warns for any
kind of overdose in the medicine which may
lead to adverse side effects (Kumar et al. 2016).
• There are interest groups who are not favorable
towards the growth of radio active medicines.
• Lack of awareness leads to doubt among
general population against the medicines.

KEY EXTERNAL FACTORS IMPACTING THE
ORGANISATION’S INNOVATIVE CAPACITY
• Financially the company is largely dependent on
the share holders and investors.
• The share holders and investors look closely on
the annual report to understand the financial
health of the company.
• More investment would lead to better innovative
capacity by the company.
• Finance is needed for R&D activities of the
company.

KEY EXTERNAL FACTORS IMPACTING THE
ORGANISATION’S INNOVATIVE CAPACITY
• The ingredients and compositions of the
medicine has to be sourced from the suppliers
at a low cost.
• The company has to maintain a good rapport
with the suppliers so that the supplies come in
time.
• There are not many suppliers who provide the
radioactive pharmacological components.

RECOMMENDATIONS
• The company should form a team with
representatives of similar companies and
initiate dialogue with the Government for
favorable laws.
• There should be awareness campaigns among
the general population.
• Experts from foreign countries must be
brought if necessary for innovation.

REFERENCES:
• Kumar, R., Kalaiselvan, V., Kumar, R., Verma, R. and
Singh, G.N., 2016. Pharmacovigilance in
radiopharmaceuticals. Indian journal of nuclear
medicine: IJNM: the official journal of the Society of
Nuclear Medicine, India, 31(2), p.89.
• Tga.gov.au., 2018. Guidance 20:
Radiopharmaceuticals. [online] Therapeutic Goods
Administration (TGA). Available at:
https://www.tga.gov.au/guidance-20-
radiopharmaceuticals [Accessed 10 Feb. 2018].