This presentation provides an in-depth analysis of Futuremed, a notable organization in the radiopharmaceuticals industry. It covers their marketing and technological perspectives, including their drawbacks and recommendations. The presentation also highlights the impact of Australian legislation on the pharmaceutical market.
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FUTUREMED NAME OF THE STUDENT STUDENT ID NAME OF THE UNIVERSITY An in-depth Analysis
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Introduction Futuremedisanotableorganizationinthe radiopharmaceuticals industry Itconductsbusinessoftheradioactive pharmaceutical drugs. The organization is observed to have a board having seven directors which monitors the operation of a senior management team. The construction of the senior management team is executed with the participation of the head of the departments like the finance, marketing, research and development.
Marketing Perspectives Drawbacksofthe organization’s actions Absence of fund- Absenceoffundforthe organization. Considerableobstaclesin raising the capital in Australia
Marketing Perspectives Drawbacks of the organization’s actions Faults in the market research- Faulty research approach. Targetmarketwerethedoctorsandthe physicians. Market Research was not able to find out the need of the target market.
Marketing Perspectives Recommendations- Solution to the issues of funds- Reduction in the operational cost of the market research. Entry of external investors like The World Bank, Commonwealth Bank or some other Continental Banks .
Marketing Perspectives Recommendations- Solution to the issues of strict laws- Theorganizationmustconcentrateonthebelow mentioned rules and regulations in their appeal for the registration: oTherapeutic goods act 1989 oTherapeutic goods regulations 1990 oTherapeutic goods (medical devices) regulations 2002 oTherapeutic goods (charges) act 1989 oTherapeutic goods (charges) regulations 1990 oTherapeutic goods (charges) regulations 2018
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Marketing Perspectives Recommendations- Solutions for the market research- Aproperrestructuringintheirapproachofmarket research Strong emphasis on the need of the doctors and the physicians. Probable inclusion of the doctors and physicians in the market research team.
Technological Perspectives Innovative research- Incapability of generating innovative solutions. Thealignmentofthe desiredmarketresearch outcomes to the innovative strategy was absent.
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Technological Perspectives Senior team management- Asignificantcatalystin increasingtheinnovative capacity of the organization. Repetitiveconsultationand reviewsoftheprojectsis significant.
Technological Perspectives Recommendations- Corporate Culture- Acceptance of the change is much needed. Appropriatetraininginordertoimplementthe technologicaladvancement(alkilani,mccruddenand donnelly 2015). Suitable rewarding policy.
Technological Perspectives Recommendations- Innovative research- oSuitable training activities for the research and development department employees. oItwillbecrucialinthe alignment of outcomes to the innovative business tactics
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Technological Perspectives Recommendations- Senior management team- Increment in the number of the consultation sessions of the team. Thiswillbesignificantincreatingnew innovations in the nuclear medicine section.
CONCLUSION Strong emphasis on application of modern technology is required. Significant funding in the development of the radiophrmaceuticals is much needed. Thecaseportraysstrongimpactof Australianlegislationonpharmaceutical market.
REFERENCES Alkilani,A.Z.,Mccrudden,M.T.Anddonnelly,R.F.,2015. Transdermaldrugdelivery:innovativepharmaceutical developments based on disruption of the barrier properties of the stratum corneum.Pharmaceutics,7(4), pp.438-470. Therapeuticgoodsadministration(tga).(2018).Legislation& legislativeinstruments.[Online]availableat: https://www.Tga.Gov.Au/legislation-legislative-instruments
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