Organizational Innovation: A Case Study of FutureMed

This presentation discusses the importance of organizational innovation in the growth of a business through a case study of FutureMed, a multinational organization dealing in radiopharmaceuticals. It covers the company structure, market research techniques, R&D methodology, internal and external perspectives, marketing and economic perspectives, and more.

Organizational
Innovation

Introduction
 Organizational Innovation is a process of employing more efficient
and effective ideas.
 Organizational changes and innovations are greatly related (Lewis,
Passmore and Cantore 2016).
 Coming up with new and innovative ideas often help in the growth of
the overall business.
 Innovations help an organization to gain a competitive edge over
other organizations.
 FutureMed company is aiming at bringing few changes as well as
innovations in the organizational front.

Overview
 FutureMed is a multinational organization that deals in
radiopharmaceuticals.
 Radiopharmaceuticals are the drugs that are used in the
pharmaceutical purposes and they are radioactive in nature.
 Radiopharmaceuticals contain radioisotopes that are effective in
using critical diagnosis and therapies (Ghorbanhosseini 2013).
 The radiopharmaceuticals are effectively used in the fields of nuclear
medicines that are used for diagnosing diseases and providing
effective therapies for those diseases.

Company Structure
 The organization depends on a hierarchical structure.
 It is governed by the board of directors and they are handling the
responsibility of managing major organizational decisions (Falkheimer
2014).
 The innovations can be on the organizational ground as well as
innovating new products.

Market Research Technique
 Primarily focuses on the group activity.
 Directed towards enabling the organization in reaching the target
market such as the physicians and the doctors (Gul 2015).
 The research and development department of the organization has
few limitations.

Market Research Technique
 The department is not efficient in understanding the needs of the
target market.
 Not effective enough in understanding the opportunities in the
present market (Camisón and Villar-López 2014)

R&D methodology
 The organizations that primarily deal in manufacturing products need
to take up constant process of research and development
 The research and development department of the organization needs
to acquire the efficiency of understanding the needs of the changing
market and the competitive forces present in the market (Noruzy et
al., 2013)

Innovation
 Innovation is an important aspect in the maintaining a steady and
sustainable growth of the organization
 An organization needs to be willing to take up innovative ideas in
order to sustain in the competitive environment
 Radiopharmaceutical drugs are an emerging market, hence the
company has ample scope of innovation and progress (Laforet 2013)
 The scopes of advancement for the organization involved in
radiopharmaceutical is also very high.

Internal Perspective
 Efficient managers, freedom, efficient workforce and presence of
challenging works are some of the internal factors that help in the
organizational growth and efficiency.
 Efficient management plays highly influential role in bringing
organizational changes (Tang, Pee and Iijima 2013).
 In the case of FutureMed, it can be said that the management should
decrease the organizational hierarchy.
 Communication will help the employees in understanding the present
market scenario.
 Organizational freedom is another important aspect in maintaining
the steady progress and encourage innovations

Organizational Motivation
 Organizational motivation is an important factor in maintaining the
effectiveness of an organizational function.
 Incorporating methods of free communication amongst the
employees as well as amongst the leaders increase the chance of
organizational motivation (Edquist 2013).
 Organizational hindrance can create significant problems in
maintaining a harmonious organizational culture as well as bringing
and implementing new ideas.
 Appreciating and taking up valuable inputs from the employees are
important.

Resources
 Acquiring sufficient resources is one of the major components of
maintaining an easy and efficient flow of organizational production.
 Accessing sufficient resources is highly important.
 Getting sufficient resources helps in the process of advancement of
the organization (Triguero, Moreno-Mondéjar and Davia 2013).
 FutureMed is also dependent on the efficiency of the employees.

Resources
 The organization needs to take up a free approach in order to
encourage the employees to perform more efficiently, as well as
focus on bringing new ideas that can accelerate the process of
innovation (Camisón and Villar-López 2014).
 Setting up realistic workload, setting affordable timelines and
eliminating factors that can distract creative works are needed.

External Perspective
 The external factors that play an influential role in maintaining the steady
growth of an organization are the competition in the present market, demand
for the product or services, climate of the market and soon (Dadfar et al. 2013).
 The organization need to analyze the primary factors that are playing influential
role in maintaining the effectiveness of the organization and help in the process
of constant innovation.
 The organization needs to monitor the demand in the market to sustain a
steady growth in the organization (Johnston and Marshall 2013).
 Organization needs to keep up with the increasing demands and expectations
of the physicians and doctors regarding the availability of the
radiopharmaceutical drugs.
 Needs to keep a vigil on the changing climate of the organization. As it is widely
known that, the pharmaceutical industry is going through steady changes.
 FutureMed needs to focus on the changing external influences along with the
internal influences.

Marketing Perspective
 The pharmaceutical company needs to focus on the marketing
strategies.
 Needs to take up vigorous marketing methods.
 Taking up this strategy will help in organization in maintaining a
competitive advantage over other organizations (Chesbrough,
Vanhaverbeke and West 2014).
 Moreover, it is highly necessary for the organization to understand
the needs and demands of the current market.
 Taking up effective marketing strategy will help FutureMed in
understanding the needs of the doctors as well as the effectiveness of
the radiopharmaceuticals in the present medical science fields.

Economic Perspective
 In order to discuss the economic aspects, that might be helpful in
maintaining a sustainable growth for the organization, it can be said
that the organization needs to focus on maintaining a good
relationship with the stakeholders.
 The radiopharmaceutical industry is a growing market.
 However, finding sufficient and effective sponsors for the organization
and its funding is a difficult activity (Birasnav 2014).
 The radiopharmaceutical industry is still under development and
hence is has not fully grown.
 Hence, finding sufficient business financiers can be proved as a
difficult task for the organization.

Rules and Regulations
 The organization needs to focus on the rules and regulation of the
country.
 The organization needs to take up and follow the protocols in order to
gain the registration from the Australian Register of Therapeutic
Goods (ARTG) (Edquist 2013).
 As mentioned in the case study, the radiopharmaceutical organization
needs to be registered under the ARTG in order to be considered as a
lawful supplier of pharmaceutical products within the country.
 Needs to focus more on the rules and regulations, as the Australian
Department of Health has very stringent rules and regulations.

Technological Perspective
 Focusing on technological aspects is very important for FutureMed.
 Moreover, it is to be mentioned that the organization must take up
better infrastructure that supports technological advancements
(Birasnav, M., 2014).
 FutureMed needs to focus on implanting and incorporating new
technologies as well as new machineries that support the process of
technological advancement and innovation.

Conclusion
To conclude, it can be said that FutureMed needs to focus on the various
internal and external factors that can play influential role in maintain a
steady growth and development. In addition to this, the company needs
to focus on the organizational structure and organizational
communication that can help in building favorable working environment
as well as help in maintaining a steady growth and innovation.

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