Analysis of FutureMed: Dynamic Strategy and Disruptive Innovation

This presentation analyzes FutureMed, a large radiopharmaceutical company, focusing on internal, external, marketing, and technology perspectives. It identifies various factors that affect the innovation process, such as human resources, financial resources, resistance to change, and weak change management. The presentation also offers recommendations to overcome these barriers and improve business expansion, such as supporting staff, encouraging innovation, learning from other companies, and implementing cost-effective strategies.

DYNAMIC STRATEGY AND
DISRUPTIVE INNOVATION
Analysis of FutureMed

INTRODUCTION
 Innovation has important role,
 FutureMed: Large radiopharmaceutical
company,
 Nuclear medicine and radioactive
tracers,
 Various operations of business,

INTERNAL PERSPECTIVE
 Various factors in the company
affecting innovation process,
 Crucial to understand internal factors
 Human resources
 Research and development activities

CONTINUE…
 Management Structure
 leadership support
 Lack of Ideas

CONTINUE…
 Financial Resources,
 Resistance to change,
 Weak change management

RECOMMENDATIONS
 Supporting to staff,
 Encouraging employees for
innovation,
 Rewarding Innovative Employees,
 Learning from other companies,
 Experimenting and evaluating

EXTERNAL PERSPECTIVE
 Registered on Australian Register of
Therapeutic Goods (ARTG)
 Industry maturity,
 Customers need and expectations,
 Rules and regulations for pharmaceutical
industry,

CONTINUE…
 Technology Advancement,
 Expansion of radiopharmaceutical drugs
in other countries,
 Suppliers power

CONTINUE…
 Competition in the industry
 Regulations imposed by government
 New concept of radiopharmaceuticals,
 Difficult to raise more funds

RECOMMENDATIONS
 Use of resources
 Patent of products
 Significant measures
 Maintain suitable legal position
 Stronger Intellectual Property Rights (IPRs)

MARKETING PERSPECTIVE
 Market Dynamics
 Competitors’ actions
 Social and political changes
 Economic environment,
 Limited participation in market research,
 Target market: Physician and doctors,

RECOMMENDATIONS
 Analysis of business environment
 Continuous investment
 Diversify political risks,
 Involvement of skilled employees in R&D department,
 Implementation of cost-effective strategy,
 Creating effective marketing team

TECHNOLOGY PERSPECTIVE
 Advanced Technologies and new machines
 Research and Development
 Value chain factors,
 Radioactive drugs a new and developing
concept yet,
 Implementation of new communication
technologies

RECOMMENDATIONS
 Electronic health record
 Portal Technology
 Real time locating services
 Healthcare trackers and
sensors

CONCLUSION
 There are some factors that adversely
impact on the innovation practices of
FutureMed.
 Technological factors can be helpful for
the company in implementing
innovation.
 Business expansion can be used for the
successful innovation.
 New business model and organizational
structure will also be helpful.

REFERENCES
 Dominiquini, J., & Loewe, P., (2006), Overcoming the barriers to
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 Yaşar, O., (2010), Analyzing the Barriers Encountered in
Innovation Process Through Interpretive Structural Modelling:
Evidence From Turkey, accessed on 13th February 2018 from
http://www2.bayar.edu.tr/yonetimekonomi/dergi/pdf/C17S2201
0/207_225.pdf
 Koper, S., & Janoszka, M. N., (2014), Exploring barriers to
innovation in tourism industry – the case of southern region of
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 Giedraityte, V., & Raipa, A., (2014), Innovation Process Barriers
in Public Sector: A Comparative Analysis in Lithuania and the
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