FutureMed Case Study: Dynamic Strategy, Innovation and Analysis

This case study analyzes FutureMed, an Australian company specializing in radiopharmaceuticals, focusing on its strategic approach and potential for disruptive innovation within the nuclear medicine market. The analysis examines FutureMed's internal structure, market research techniques, regulatory and economic conditions, and the application of dynamic strategies. It explores how FutureMed can foster innovation from internal, external, marketing, and technological perspectives. The study identifies challenges such as conservative corporate culture and strict regulations, proposing recommendations like recruiting new leaders, expanding market presence, enhancing market research, and adopting technological innovations such as genome sequencing and AI. The conclusion emphasizes the importance of embracing disruptive innovation to gain a competitive edge and offers suggestions to improve FutureMed's performance within the pharmaceutical industry.

DYNAMIC STRATEGY AND
DISRUPTIVE INNOVATION
CASE STUDY : FUTUREMED

INTRODUCTIO
N
• FUTUREMED is an Australian
company that manufactures and
markets radiopharmaceuticals
(medgadget.com 2018)
• The company is run by a board
of directors who look after the
seniors management team
• The management team is
expected to find out potential
innovation in nuclear medicine
• They need a systematic
approach or a potential
disruptive technologies.

Continued…..
The radioactive medicines are
called the radiopharmaceuticals .
The various radioisotopes are
used in these drugs which are
useful in major therapies and
diagnosis (medgadget.com 2018)
These kinds of drugs are also
used in the nuclear medicines for
specific diseases .

Internal
structure of
futuremed
• The Futuremed company focuses on
the customer demands and their
prices of medicines are determined
by the customer demands .
• The internal process of the
organization focuses on diseases
and outcomes enabling them to
generate patient – centric solutions
(medgadget.com 2018)
• The local and global pharma teams
are connected with each other to
work in more efficient ways
• The company maintains trusted
relationships and partnerships with
the customers and stakeholders .
• They have a well structured supply
chain management system to run the
business smoothly.

Market research
techniques
• The Futuremed company conducts the
market research by quantitative ,
qualitative , online and offline
techniques.
• In the quantitative research a selected
group of people are asked a series of
questions . The opinions of the entire
sample determine the outcomes
(medgadget.com 2018).
• In the qualitative market research not
the groups but individuals are questioned
and their impressions and opinions are
captured reading a particular issue
• The Futuremed company also conducts
online market research mostly via
internet and social media sites . The
online market research is the best way
for market research because it is cost –
friendly , global and maintains the
anonymity of the persons .

REGULATORYAND
ECONOMIC CONDITION
OF FUTUREMED
• This industry is regulated legally and
economically by many aspects such as
safety , manufacturing quality , life cycle of
product , promotion and pricing
• The regulations are high for the
organizations working in this industry
because the quality of the medicine and
safety can be critical to patient health
• Although , the regulations are strict , these
are designed for public –welfare

Dynamic strategy and disruptive
innovation
• DISRUPTIVE INNOVATION OCCURS WITH A SET OF STRATEGIES
WHICH CREATE A NEW PRODUCTIIVE MARKET OUT OF THE
UNPRODUXTIVE , RATHER NEGLECTED MARKET WITH A NEW
VALUE NETWORK (Assink 2016).
• The existing established incumbents get disrupted ,
displaced and their market gets occupied by relatively
smaller firms.
• Disruptive innovation are produced by the entrepreneurs and
outsiders , rather than the market –leading companies
• The incumbents neglect a particular group of customers in
the rush to exceed the expectations of a certain group of
customers . The small firms utilize this opportunity to disrupt

CONTINUED ………
• the new entrepreneurs start by targeting
those customers who are overlooked by the
incumbents .
• They consider the market as a platform
where they can prove themselves by
providing best customer service at cost –
friendly rates. They incorporate modified
functionality in their products and services
in order to get foothold into the market .
• Those incumbents who chase higher
profitability from high –demanding
customers , do not respond as vigorously
and as sensitively to all customers as the
new entrants do.

“
”
THE STEPS FOLLOWED BY THE NEW
ENTRANTS
The new entrepreneurs preserving the
early key advantages that pushed their
business forward , serve the mainstream
customers and move upmarket.
While customers enjoy the exclusive
services and adopt to the new offerings ,
disruption has already taken place
(Christensen, Raynor and McDonald
2015).

Dynamic Strategy
Value Creation
Innovation
• Dynamic strategies are those
strategies that can be adopted
by new market entrants to beat
the existing competitors.
• It can be done by reducing price
of the product, developing
product modification , finding
target customers via market
segmentation policies or by
developing new channels of
distribution

Continued……
Value creation on the other hand is related with the
notion to compete more effectively by wining the
customer satisfaction and loyalty.
It is another aspect of strategic management and also
solely associated with innovation.
Innovation in the products and services can increase
the value to the customers.
The new entrepreneurs can create value by adopting
new organizational logic , giving immediate feedback to
the customer enquiries and implementing new
cooperative structure in the workforce

How can FUTUREMED adopt dynamic
strategy and experience disruptive
innovation
Internal perspective
External perspective
Marketing perspective
Technology perspective