Case Study: Change Management and Innovation at FutureMed Australia

This case study examines FutureMed, an Australian radiopharmaceutical company, and its challenges in enhancing innovation. The organization faces issues such as funding limitations, strict regulatory laws, and ineffective market research. Recommendations include reducing operational costs, seeking international investors, adhering to Therapeutic Goods Administration (TGA) regulations, and improving market research methodologies by directly involving doctors and physicians. The case study also highlights the detrimental impact of the organization's corporate culture, which resists change and hinders technological advancement. To address this, the management should promote acceptance of change through training and reward policies. The senior management team's consultations are a positive factor and should be increased to foster disruptive technologies. Ultimately, FutureMed needs to encourage the workforce to embrace modern technology and secure sufficient funding to drive radiopharmaceutical development.

Running head: TITLE
Title
Name of the Student
Name of the University
Author Note

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:
According to the case study, the organization was facing significant issue in
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
organization was not able to accomplish their objective of the market research. 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 amount of interest but in order to execute the developmental research, the
organization must take the risk.
Solution to the issues of Strict Laws:
Though the rules of the ARTG registration is significantly complex but the
organization must take the legislations like the Therapeutic Goods Act 1989, Therapeutic
Goods Regulations 1990, Therapeutic Goods (Medical Devices) Regulations 2002,

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
organization lacks the much needed urge in order to acknowledge the scope of
implementation of the new technologies in the business operations.

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