Dynamic Strategy and Disruptive Innovation for FutureMed in Australia

The report analyzes the company's strategic perspectives and the adaption of dynamic marketing policies in Australia. The report recommends the implementation of scientific innovations, training programs for employees, and the study of consumer behavior.

DYNAMIC STRATEGY AND DISRUPTIVE
INNOVATION
NAME OF THE STUDENT:
NAME OF THE UNIVERSITY:

INTRODUCTION
FutureMed is one of the largest companies present in Australia that
deals in the development and marketing of radiopharmaceuticals.
Radiopharmaceuticals are drugs that are radioactive in nature. The
following drugs are in high demand because of its uniqueness and are
used in a large number of medical; treatment and diagnosis.
The following report will analyze the strategical perspectives and the
adaption of the dynamic marketing policies by the company in
Australia.
The introductory part of the research will be followed by the internal
perspective and the recommendations of the internal perspective of the
business.
 On the other hand it will again be followed by the external perspective,
marketing perspective and lastly the technological perspective with
each of the perspectives having its own set of recommendations.

BACKGROUND
The company is governed by a board that comprises
seven different directors who have the final say in the
management of the organization.
The company has a conservative and introvert culture
which diminishes its possibility to expand across new
markets.
The organization is registered under the Australian
Register of Therapeutic Goods that is mainly controlled
by the Australian Health Department in the Government
of Australia.
The large number of different regulations and policies
makes it hard for the company as well as the
radiopharmaceutical industry to flourish in Australia.

INTERNAL PERSPECTIVE
The internal perspectives of the business is
one of the most effective analysis that needs
to be completed to have a clear
understanding of the marketing factors that
have a direct impact on the performance of
FutureMed in the success of the business in
Australia.
 The main internal perspectives that are to be
considered in this particular case include the
likes of the Strengths and Weaknesses
analysis of the company.

INTERNAL PERSPECTIVE
The internal analysis of the following business organization are as
follows;
Strengths
The largest strength of the company is that the board is board is
governed by a set of seven different managers who are quite
experienced and matured enough to lead the company to the right
way so that it can gain success in the Australian market. The
presence of seven different directors provides the much needed
excellence and expertise to the company that helps the company to
have a stronghold over the business in the Australian market
(Annarelli and Nonino 2016).
The conduction of regular meetings in the organization is one of
the most important strengths of the organization as because it
helps the management to stay updated about the issues or the
problems within the company and address them at the earliest.

INTERNAL PERSPECTIVE
Strengths
The niche market for radiopharmaceuticals is
another important cause that adds to the strength of
the organization (Christensen et al. 2016). The
absence of regular radiopharmaceutical companies
has also helped to increase the strength of the
company in the country.
The employee strength of the company can help in
the development of the organization as more is the
employee strength, the more will be the innovative
ability of the business and it will also lead to the
increase in the productivity of the business

INTERNAL PERSPECTIVE
Strengths
The presence of government as well as
private funding is a boon for the company
The radio pharmaceuticals sector also
provides great strength for the future
investors as increase in its demand will help
in the growth of the organization

INTERNAL PERSPECTIVE
Weaknesses
The absence of any systematic and proper approach to
innovate different new innovations can lead to the
weakness of the company in Australia. Innovation in
research and development can help the organization to
spread its wings and explore new opportunities.
However, its absence can trigger the damage of the
company.
Another main weakness of the company is the strong
resistance of the staff of the company to any kind of
change process (Corsi and Di Minin 2014). The
tremendous resistance to the change process is certainly
a backdrop for the organization.

INTERNAL PERSPECTIVE
Weaknesses
The presence of over aged directors in the board of the
organization is another serious disadvantage to the company.
Though the directors are experienced and matured enough to
meet the different challenges, the pace of the modern market
and the need to implement dynamic strategies always needs
young and dynamic minds (Waterstram-Rich and Gilmore
2016).
Australia has a large number of regulations over
radiopharmaceuticals and the business of the following needs
to clear a number of different hurdles and must ensure that
they have the necessary policies and guidelines in line to
ensure transparency of the business (Rothaermel 2015).

RECOMMENDATIONS
The internal analysis of the company has identified a
number of different weaknesses in the organization. This
can be addressed by;
The Government of Australia must come forward and help
the company by removing the hurdles and barriers to start
the business of radiopharmaceuticals in Australia. The
Government must consider the importance of the following
drugs and implement actions to ease the policies and
guidelines that can help in the success of the company.
Introduction of a training program for the staffs to help
them understand the benefits of the change management
in the company (King and Baatartogtokh 2015).

RECOMMENDATIONS
The management of the change will be
important to improve their skills as well
The introduction of a scientific process will
be a game changer to the development of the
organization as because scientific process will
help the organization to innovate and develop
new ways to market the goods and services in
Australia

EXTERNAL PERSPECTIVE
Similar to the internal perspectives of the
business the external perspectives of the
business pose a serious impact to the success
of the business in Australia.
The external perspectives of the company
have a similar impact to the success of the
company.
The main external perspectives are the
opportunities and the threats that are related
to the company.

EXTERNAL PERSPECTIVE
Opportunities
As mentioned earlier the regular conduction of meetings is
important and is certainly an opportunity for the company as
because the frequency of the meetings can be increased each and
every time which helps the organization to improve its
performance accordingly
The untapped market of Australia is by far the largest opportunity
for FutureMed to make itself a name and earn huge revenue
(Christensen Raynor and McDonald 2015)
 The absence of any other large competitors in the race to capture
the radiopharmaceuticals market of the country also adds up to the
benefit of the company
The consideration to channelize retail operations can be another
wise opportunity for the business organization (Teece Peteraf and
Leih 2016)

EXTERNAL PERSPECTIVE
Opportunities
The absence of any other large competitors
in the race to capture the
radiopharmaceuticals market of the country
also adds up to the benefit of the company
The consideration to channelize retail
operations can be another wise opportunity
for the business organization (Teece Peteraf
and Leih 2016)

EXTERNAL PERSPECTIVE
Opportunities
The government support in Australia is also one of the
greatest opportunities for the business
The economic and financial backing of both the
Government and the private organizations is one of
the best opportunity for the growth of the radio
pharmaceuticals industry in Australia
The presence of negligible competition in the
following industrial sector and the presence of strong
legal rules and binding helps the organization to get a
major boost in commercial production of the radio
pharmaceuticals in Australia

EXTERNAL PERSPECTIVE
Threats
The shareholders of the business have invested their money in
order to receive a fruitful return. However, the absence of any
serious chances can hamper the organization and make them
seriously rethink on the prospects of the following investment
The late introduction of the scientific process can hamper the
business and help other similar business take advantage of
the reluctant nature of the organization. It will also cost the
organization the valuable market share of the drugs in
Australia
The absence of proper training on how to handle the
radiopharmaceuticals can cause substantial to huge damages
and is always considered to be a threat to the environment

RECOMMENDATIONS
Some of the recommendations to avoid the above said
problems are as follows;
The shareholders must be convinced and presented
with a proper mapping of the organization which will
help in the regular flow of funds and increase in the
chances of the success of the company in the market
(Christensen Raynor and McDonald 2015)
The management of FutureMed must implement all
the latest scientific innovations in the market to
ensure the monopoly of the company in the market
and also ensure their strong presence in the
Australian and New Zealand market

RECOMMENDATIONS
The management of the organization must
provide a proper and scientific training to all
the employees of the company as because
they have to always deal with radioactive
materials that are harmful for health and can
cause substantial damage to the environment.
Therefore the organization has to be extra
careful to avoid any such problems.

MARKETING PERSPECTIVE
Innovations are perceived to ensure competitiveness of
the goods that are produced by the different business
organizations and provide a sustainable success to the
company in the modern competitive market.
All of the different market factors are generally
differentiated by either the internal or the external
factors.
The external factors have a key role in the research and
development process of the company and thus serve out
to be the main innovative process in the implementation
of the technology.
There are different stages of the innovation process of
the marketing of FutureMed.

MARKETING PERSPECTIVE
This includes the likes of;
Reviewing the market situation
Generation of the ideas
Filtration of the Ideas
Evaluation of the Concepts
Analysis of the different types of Economic Factors
Development of the product
Testing of the product
Test Marketing
Realization ort the calculation of the profit earned

MARKETING PERSPECTIVE
The innovative process plays a key role in the formation
of the different factors including the likes of the internal,
external and subjective factors.
 The objective factors are easily linked to the external
factors and have a pre determined by different kind of
long term needs and are generally associated with the
different strong-willed decisions on a particular subject.
 As mentioned earlier the implementation of the
innovative products in the market is important for the
organization.
The implementation requires the involvement of high
end risks which is tough to handle (Marx and Hsu 2015).

MARKETING PERSPECTIVE
The management of FutureMed must ensure that they have a
proper strategy or policy in place that have the capability to
outclass the others by means of their superior products and
their superior marketing approach.
Another important external perspective that must be in
consideration is the consumer behavior.
The management of the company must have a clear and fresh
idea on the demands and the needs of the consumers and
produce the drugs accordingly.

MARKETING PERSPECTIVE
The management of FutureMed must ensure
that they follow a proper strategy.
The organization has decided to implement
the Niche marketing strategy to capture the
radio pharmaceuticals market.
Australia being a rather new market for
radiopharmaceuticals, the company has
predicted a gradual growth of the product in
the first 5 years of its introduction.

MARKETING PERSPECTIVE
Another important external perspective that must
be in consideration is the consumer behavior.
The management of the company must have a clear
and fresh idea on the demands and the needs of the
consumers and produce the drugs accordingly.
The marketing department of the organization must
also take the additional responsibility of creating a
supply chain in Australia as because the present
supply chain is not suitable for the proper dispatch
of the radiopharmaceuticals to be manufactured
and sold by the company.

RECOMMENDATIONS
The marketing perspective of the organization can be improved by means of a
number of different ways. This may include;
 The consumer behavior must be studied well by the marketing team of the
organization in order to ensure their success in the market
 The analysis of the different types of the economic factors is useful for the
business as the economic factors will be considered for the creation of new
drugs and doing scientific research and development on the existing set of
the medicines
 The strategies of the organization must be implemented in the Australian
and New Zealand market in such a way that it suits the demands of the
different types of the individuals

TECHNOLOGY PERSPECTIVE
Technology is believed to be one of the key factors in the
success of the business.
The success of the business organization in the market
depends on the ability of the management of the
company to implement and install the latest technologies
that can have a clear impact on the business.
The understanding of the different factors that is
responsible for the adoption of the technology it is
important for the management to get a thorough
knowledge about the examination of the factors that
influence the adoption of the innovation process in the
business.

TECHNOLOGY PERSPECTIVE
The radiopharmaceuticals are produced by
commercial production of radio isotopes in
controlled and selected scientific environment.
The management of FutureMed has constructed
two such similar research and developmental
factories where radio isotopes used in the
generation of the radiopharmaceuticals will be
produced in controlled and scientific environment.
However, the safety department of the organization
must take extreme caution while commercially
producing the following pharmaceuticals.

TECHNOLOGY PERSPECTIVE
Technological innovation in FutureMed will be
mostly dependent on the innovation of the
medicines to create more effective
radiopharmaceuticals for the people.
 Apart from innovation in the implementation of
the internal and the external factors there are also
innovations in the communication skills of the
organization.
The communication skills of the organization have
to be innovative and technologically effective in
nature to match the latest demands of the market.

RECOMMENDATIONS
There are different ways to improve the technological
perspective of the business. This includes the likes of;
The communication setting in the company must be
ensured accordingly to ensure that the best
communication skill is present in the organization.
 The presence of a good set of communication
ensures the success of the business in the market
The management of the company must use the latest
technology to manufacture radiopharmaceuticals
The use of the latest technology will allow success to
the company

CONCLUSION
The following report has provided a short yet
effective and compact analysis of the different
business perspectives that is the main source
of operations in the business.
The report which starts with an introduction
and small background provides the internal as
well as the external analysis of the organization
in the Australian market where there is a
compact analysis of the strengths, weaknesses,
opportunities and threats related to the
business.

CONCLUSION
The providence of the marketing and the
technological perspective is also a significant
part of the study.
Apart from this the report also provides a
number of different recommendations based
on the study.
The analysis of the report will provide the
readers a thorough analysis of the different
organizational perspectives.

REFERENCES
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organizational resilience: Current state of research and future
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innovation: intellectual history and future paths. Harvard Business School.
Christensen, C.M., Raynor, M.E. and McDonald, R., 2015. What is disruptive
innovation. Harvard Business Review, 93(12), pp.44-53.
Corsi, S. and Di Minin, A., 2014. Disruptive innovation… in reverse: Adding a
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King, A.A. and Baatartogtokh, B., 2015. How useful is the theory of disruptive
innovation?. MIT Sloan Management Review, 57(1), p.77.
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Policy, 44(10), pp.1815-1826.
Rothaermel, F.T., 2015. Strategic management. McGraw-Hill Education.

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