Change Management for FutureMed: Marketing and Technological Perspectives
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Added on 2023/06/03
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This article discusses the challenges faced by FutureMed, an Australian radiopharmaceuticals organization, in terms of marketing and technological perspectives. It provides recommendations to overcome the issues and increase the organization's innovative capacity.
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1CHANGE MANAGEMENT Introduction: FutureMed is an organization which operates in the radiopharmaceuticals industry and is one of the significant organization in the Australian Market. The organization generally conducts business of the radioactive pharmaceutical drugs. The organization is observed to have a board having seven directors. A senior management team is guided by the board of directors in operating the business conduction of the organization. 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 Perspective: Drawbacks of the organization’s actions: Absence of Fund: Accordingtothecasestudy,theorganizationwasfacingsignificantissuein increasing the innovative capacity of the organization primarily due to the absence of the fund. The concept of the radiopharmaceutical is significantly new to the various business organizations and as it an aspect of science that is still in the developing stage, the business financers are observed to be reluctant in funding. From that the case study, it is significantly clear that the organization was facing immense obstacles in raising the capital for the development of the radiopharmaceuticals in the nation, Australia. Strict Laws: The application of the increment of the innovative capacity is also a matter of concern for the organization as the entry of the new pharmaceutical will be subjected to undergo a difficult process. The case study clarifies that the entry of the new pharmaceutical in the Australian market is subjected to the proper registration in the Australian Register of
2CHANGE MANAGEMENT Therapeutic Goods (ARTG) (Therapeutic Goods Administration (TGA), 2018). ARTG is administered by the Department of Health of the Australian Government. The process of registering radiopharmaceuticals on the ARTG is significantly complex (Therapeutic Goods Administration (TGA), 2018). Faults in the Market Research: FutureMed was significantly facing troubles with their research process as the organizationwasnotabletoaccomplishtheirobjectiveofthemarketresearch.The organization was used to conduct the market research under the supervision of the Research and Development department and the main process of conducting the market research was to formulate focus group activities. The target market for the research was generally the doctors and the physicians. But the case study clarifies that the organization was facing significant issue in proper and sufficient assessment of the need of the doctors and the physicians. Recommendations: Solution to the issues of Funds: The organization must reduce the operational cost of the development procedures and plans. Apart from that the organization is expected to raise the fund from international investors like The World Bank or other Continental Banks. This will be subjected to increased amountof interestbut in order to executethe developmentalresearch, the organization must take the risk. Solution to the issues of Strict Laws: ThoughtherulesoftheARTGregistrationissignificantlycomplexbutthe organization must take the legislations like the Therapeutic Goods Act 1989, Therapeutic GoodsRegulations1990,TherapeuticGoods(MedicalDevices)Regulations2002,
3CHANGE MANAGEMENT Therapeutic Goods (Charges) Act 1989, Therapeutic Goods (Charges) Regulations 1990, Therapeutic Goods (Charges) Regulations 2018 under their consideration in order to appeal for the registration of the new radiopharmaceuticals in an appropriate manner (Therapeutic Goods Administration (TGA), 2018). Solutions for the Market Research: The organization is in need to conduct the market research in an appropriate manner and the process needs to focus more on the needs of the doctors and the physicians. The primary focus of the research activities needs to involve the doctors and the physicians as they will be the absolute judge of their needs which will be significant for the organization to manage their products in accordance to the prescribed needs of the doctor and physician. The organization can also try to include doctors and physicians in the research team so that they be able to analyse the research outcomes in a better manner. Technological Perspectives: Corporate Culture: The assessment of the organization’s innovative processes portray the detrimental impact of the corporate culture of the organization and from the case study, the corporate culture of the organization is observed to be one of the main reason behind the decrement of the organization’s innovative capacity. The organization has a corporate culture that produces significant resistance to the change process and in doing so it blocks any sort of scope of having technological advancement in their operation. Along with this, the conservative culture of the organization makes it even harder as the mentality of the employees of the organizationlacksthemuchneededurgeinordertoacknowledgethescopeof implementation of the new technologies in the business operations.
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4CHANGE MANAGEMENT Innovative Research: The organization is in need to make sure that the research process results in generation of effective and innovative solutions. From the case study, it is clear that the Research and development department of the organization is not able to calculate the requirement or needs of their primary market targets that are the doctors and the physicians. Hence, as the primary motive of the research is not served, the organization is unable to implement any sort of innovative plans depending on market research. Senior Team Management: One of the positive factor that increases the innovative capacity of the organization is the consultation of the senior management team. From the case study it is visible that the members of the senior management team is significantly focused in increasing the innovative capacity of the organization and in order to do so they meet on regular basis. They reviews the existing projects and consults on the merits of the new projects and the capability of the projects in order to generate profit for the organization. The success of this is evident as the organization is able to return increasing dividends to its shareholders which was instrumental in increasing the expectation of better returns of the organization. Recommendations: Solution to Corporate Culture: The management needs to make sure that change is accepted by all the parties involved in the organization. The organization must introduce appropriate training activities for the employees so that it be easy for them to accept the technological advancement (Alkilani, McCrudden and Donnelly 2015). Along with this, the organization must introduce relevant rewarding policy in order to acknowledge the good work and competencies of the employees.
5CHANGE MANAGEMENT Solution to Innovative Research: The organization must use relevant strategies in order to increase the competencies of the employees in the research and development as that is much needed in order to assess the needs of the doctors and the physicians and the employees are in need to achieve proper strategy in aligning those market research outcomes with the impressive innovative tactics. Senior Team Management: The organization experienced significant excellence of their senior management team and the recommendations for this section will be to make space for increased number of such consultations among the team members. This will significantly help the organization to create increased amount of potential disruptive technologies which was significantly lacking from the organization’s point of view. The senior management team was expected to create new innovations in the nuclear medicine section and that will be significantly achievable with the increasing sessions of consultations. Conclusion: On a concluding note, it can be said that the organization is in need to encourage the workforce to significantly focus on the application of the modern technology in their business operations. Along with that it is evident from the analysis that the organization is in need of significant fund in order to trigger the development of the radiopharmaceuticals. The case is able to define the strong impact of legislation in entering the Australian market with new pharmaceuticals.
6CHANGE MANAGEMENT References: Alkilani, A.Z., McCrudden, M.T. and Donnelly, R.F., 2015. Transdermal drug delivery: innovative pharmaceutical developments based on disruption of the barrier properties of the stratum corneum.Pharmaceutics,7(4), pp.438-470. Therapeutic Goods Administration (TGA). (2018).Legislation & legislative instruments. [online] Available at: https://www.tga.gov.au/legislation-legislative-instruments