Dynamic Strategy and Disruptive Innovation Analysis of FutureMed

This report analyzes FutureMed, a large Australian company specializing in radiopharmaceuticals, focusing on its dynamic strategy and disruptive innovation capabilities. The analysis begins with an introduction to FutureMed and the radiopharmaceutical market, followed by an examination of the company's internal perspectives, including strengths (experienced board, regular meetings, niche market) and weaknesses (lack of systematic innovation, resistance to change). Recommendations are provided to address these weaknesses, such as government support and staff training. The external perspective assesses opportunities (untapped market, government support) and threats (shareholder concerns, lack of scientific process, handling of radioactive materials). The marketing perspective evaluates innovation processes, consumer behavior, and the implementation of a niche marketing strategy. Recommendations are made to improve marketing efforts, including studying consumer behavior and creating a suitable supply chain. The report offers a comprehensive evaluation of FutureMed's strategic position and provides insights into how the company can enhance its innovative capacity and navigate the challenges of the radiopharmaceutical industry.

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.