FutureMed: Analysis of Innovation and Strategy (MBA501)

This case study examines FutureMed, an Australian radiopharmaceutical company, and its approach to innovation. The analysis covers the company's internal structures, including its hierarchical management and the limitations of its research and development department in understanding market needs. It also explores external factors such as market competition, demand for radiopharmaceuticals, and the evolving regulatory landscape. The marketing perspective highlights the need for effective strategies to gain a competitive advantage, while the economic perspective emphasizes the importance of stakeholder relationships and securing funding in a developing market. The technological perspective underscores the need for advanced infrastructure. The analysis also provides recommendations for improving FutureMed's innovative capacity, including decreasing organizational hierarchy, improving communication, fostering organizational freedom, incorporating free communication methods, and taking up vigorous marketing methods. The study emphasizes the importance of adapting to changing external influences and the need for FutureMed to focus on both internal and external factors to maintain steady growth and development.

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.