Futuremed: In-depth Analysis of Marketing and Technological Strategies

This case study analyzes Futuremed, a radiopharmaceuticals organization, examining its marketing and technological challenges. The analysis identifies drawbacks such as funding limitations, strict regulations in the Australian market, and faults in market research. Recommendations include reducing operational costs, attracting external investors, adhering to relevant regulations, and restructuring market research approaches. From a technological perspective, the case highlights corporate culture resistance to innovation, inability to generate innovative solutions, and the importance of senior management in driving innovation. Recommendations suggest fostering a culture of change, providing training for technological advancements, and increasing consultation sessions. The conclusion emphasizes the need for modern technology and funding in radiopharmaceutical development, highlighting the impact of Australian legislation on the pharmaceutical market. References to relevant literature are included to support the analysis.

FUTUREMED
NAME OF THE STUDENT
STUDENT ID
NAME OF THE UNIVERSITY
An in-depth Analysis

Introduction
Futuremed is a notable organization in the
radiopharmaceuticals industry
It conducts business of the radioactive
pharmaceutical drugs.
The organization is observed to have a board having
seven directors which monitors the operation of a
senior management team.
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 Perspectives
Drawbacks of the
organization’s actions
Absence of fund-
Absence of fund for the
organization.
Considerable obstacles in
raising the capital in Australia

Marketing Perspectives
Drawbacks of the
organization’s actions
Strict laws-
 Difficult entry into the Australian market
with Radiopharmaceuticals.
 Complex registration process in the
Australian register of therapeutic goods
(ARTG) for radiopharmaceuticals
(therapeutic goods administration (tga),
2018).

Marketing Perspectives
Drawbacks of the organization’s actions
Faults in the market research-
 Faulty research approach.
 Target market were the doctors and the
physicians.
 Market Research was not able to find out the
need of the target market.

Marketing Perspectives
Recommendations-
Solution to the issues of funds-
Reduction in the operational cost of
the market research.
Entry of external investors like The
World Bank, Commonwealth Bank
or some other Continental Banks .

Marketing Perspectives
Recommendations-
Solution to the issues of strict laws-
The organization must concentrate on the below
mentioned rules and regulations in their appeal for the
registration:
o Therapeutic goods act 1989
o Therapeutic goods regulations 1990
o Therapeutic goods (medical devices) regulations 2002
o Therapeutic goods (charges) act 1989
o Therapeutic goods (charges) regulations 1990
o Therapeutic goods (charges) regulations 2018

Marketing Perspectives
Recommendations-
Solutions for the market research-
 A proper restructuring in their approach of market
research
 Strong emphasis on the need of the doctors and the
physicians.
 Probable inclusion of the doctors and physicians in the
market research team.

Technological Perspectives
Corporate culture-
It is a strong barrier in the
adaption of the innovative
strategy.
Provides strong resistance to
the technological advancement.

Technological Perspectives
Innovative research-
Incapability of generating
innovative solutions.
The alignment of the
desired market research
outcomes to the innovative
strategy was absent.

Technological Perspectives
Senior team management-
 A significant catalyst in
increasing the innovative
capacity of the organization.
 Repetitive consultation and
reviews of the projects is
significant.

Technological Perspectives
Recommendations-
Corporate Culture-
 Acceptance of the change is much needed.
 Appropriate training in order to implement the
technological advancement (alkilani, mccrudden and
donnelly 2015).
 Suitable rewarding policy.

Technological Perspectives
Recommendations-
Innovative research-
o Suitable training activities for
the research and development
department employees.
o It will be crucial in the
alignment of outcomes to the
innovative business tactics

Technological Perspectives
Recommendations-
Senior management team-
Increment in the number of the consultation
sessions of the team.
This will be significant in creating new
innovations in the nuclear medicine section.

CONCLUSION
 Strong emphasis on application of modern
technology is required.
 Significant funding in the development of
the radiophrmaceuticals is much needed.
 The case portrays strong impact of
Australian legislation on pharmaceutical
market.

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