Managing Innovations: Astra Zeneca

Managing Innovations
Astra Zeneca

Executive Summary
The report discusses about managing innovation which is a valuable key to become
successful and to survive strongly in this competitive market. Astra Zeneca is a famous global
science led bio pharmaceutical business and their innovative medicines are used by millions of
patients at worldwide level. With continuous innovation in a company leads towards success in
industry. There are different kinds of drugs which has been produced by company for purpose of
curing themselves from diseases to give better life to patients. In this way, it helps in company's
development and innovation in it. With innovation of corona virus vaccine, company has lead
themselves towards next level of success.

Table of Contents
INTRODUCTION...........................................................................................................................4
Future of Industry 2022...................................................................................................................4
Astra Zeneca Innovation requirement 2022 and beyond.................................................................6
Building the Future Innovation Capabilities for the Organisation...................................................7
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation management can be defined in a manner that basically innovation word comes
from Latin word “innovare” and which stands for renewal. Innovation is something which brings
benefits for an organization from economic point of view. In a overall manner, innovation
management is a systematic promotion of innovation within organization and which includes
tasks of planning, control, organisation and management. Innovation management leads towards
new products and services for conquering new markets. New products and services gives leads in
standing out differently in competitive market (Tsangari, H. and Mantara, I., 2021). Changes in
internal processes also help in strengthening the company from internal perspective and also
contributes in saving costs. Due to innovation in company it gives opportunity for generation of
new business models to use new source of income. Purpose of this report is in context of
innovation in Astra Zeneca company with respect to medicines and different kinds of drugs
produced by company. Company follows the hierarchical structure where there is a very large
team and which works under different department and under various kinds of position. It can be
categorised in form of chairman, vice president, manager, junior manager and staff members or
employees. That's why in such a large company this type of structure has been followed by
company.
Future of Industry 2022
From perspective of future of pharmaceutical industry, with innovation in technology and
different kinds of emerging trends leads towards big success of industry. Emerging trends like
robotics, artificial intelligence, 3D printing, precision medicine and patient design will have an
impact on manufacturing and distribution of pharmaceuticals. In the current year, pharma
industry has been growing with the triple speed in terms of innovation as well as selling of their
products and services. With support of innovation in industry also leads towards the greater life
expectancy of patients and people who are associated with this field in this pandemic situation as
well. Due to corona virus situation, it has been observed that some new diseases and viruses have