MBA501: FutureMed - Dynamic Strategy & Disruptive Innovation Analysis

This case study examines FutureMed, an Australian radiopharmaceutical company, focusing on its capacity for innovation. It analyzes internal factors like senior management's approach to project evaluation and the need for greater risk-taking in research, as well as external factors such as the company's conservative work culture and its impact on innovative thinking. The study also assesses FutureMed's market research and technological capabilities, highlighting the need for improved understanding of customer needs, better marketing strategies, and increased investment in advanced technology. The analysis suggests recommendations for improvement in all these areas, including fostering a more open and innovative corporate culture, enhancing market research practices, and investing in technological advancements to drive future growth and competitiveness. This assignment is available on Desklib, where students can find a wealth of study resources, including past papers and solved assignments.

N A M E O F T H E S T U D E N T
N A M E O F T H E U N I V E R S I T Y
Dynamic Strategy and
Disruptive Innovation

About Future Med
Future Med is one of the largest listed companies in Australia
that engages in the marketing as well as in the development
of radioactive pharmaceuticals.
The radioactive pharmaceuticals are essentially
pharmaceutical drugs which are radioactive in nature. These
are unique medical formulations that comprise of radio
isotopes and are made use of in a number of clinical areas for
the purpose of therapy and diagnosis.
The radiopharmaceuticals are mostly made use of in the
nuclear physics field, primarily as radioactive tracers. These
are used in activities like medical imaging as well as in the
domain of therapy for treating different types of diseases.

Key Internal Factors Impacting Innovative
Capcacity
The senior management of the Future Med Company
makes it a point to meet with each other on a regular
basis in order to discuss in detail the demerits and
merits of new projects.
Any new project or undertaking of the company is
pondered over and contemplated as much as it is
possible to do so by senior members of the Future Med
management, comprising those who hold leading
positions in departments such as finance, operations,
marketing and research and last but not least,
development

The Future Med Company is involved in the production of
pharmaceuticals that are radioactive in nature and which need to be
innovated with on a regular basis if these are to attract customers over the
long term.
A lot of scientific research and investigation must go into the production of
the radioactive pharmaceuticals. It is a fact well known that thorough and
detailed scientific investigation can only take place with the help of proper
financing and organization and this approach taken up on the part of the
senior management at Future Med to discuss the pros and cons of each
and every project in detail before finally approving to its implementation
has worked well as far impressing stakeholders is concerned. T
The company has managed to increase the dividends that it pays its
shareholders as a result of this approach which in turn has increased the
expectations of the shareholders too.

There are a number of ways by which the approach
to innovation that is taken by the senior
management at the Future Med Company, can be
improved upon.
Instead of merely discussing the benefits and the
demerits that implementing a certain scientific
project can have on the growth and development of
the company, the senior management at Future Med
should demonstrate the willingness to take a few
risks when undertaking scientific research.

The members of the senior management at the Future Med company
need to be more proactive as far as innovation is concerned and should
draw up and support research proposals for undertaking projects that
till date may have appeared to be a bit too risky.
Ground breaking and novel research needs to be undertaken in the
domain of radioactive pharmacy by the employees of the Future Med
Company if the company wishes to launch innovative products in the
market and make its share holders even happier than they are at
present.
The senior management of the company should portray a willingness
to undertake research in areas of radioactive pharmacy that are still not
known to experts in the field and only then can they come up with
innovative findings that can help the company to attract the attention
of customers and investors when it launches its products in the market.

Key External Factors affecting Innovative Capacity of the
Organization
the Organization
The work culture at the Future Med company is quite conservative in nature
with many of the senior members of the management being well past fifty
years of age. Several of the senior management members have old fashioned
ideas and concepts about how scientific research and project implementation
should be carried out in the field of radioactive pharmacy and are entirely
resistant to new ways and means of thinking about things or doing things.
This resistance to change that is so characteristic of the working environment
at the Future Med Company is one that has hampered innovative thinking
and activity in the company quite considerably. The members of the senior
management at the Future Med Company need to create an ambience where
different ideas an views about radioactive pharmacy research can be freely
expressed. The suggestions made on the part of employees should be accepted
and acknowledged, and if some of the ideas or concepts suggested make
sense, then plans should be drawn up for their proper implementation.

The researchers working at the Future Med Company need to be
given plenty of freedom and flexibility in order to come up with
unique findings and discoveries that will help in creating
innovative products.
Only by being given enough time and space to think about things
can the researchers actually gain the confidence and the interest
that is needed in order to carry out detailed scientific research in
radioactive pharmacy.
This is quite a novel branch of science and if innovative products
are to be launched by the Future Med Company it needs to stop
imposing restrictions on its researchers by creating a
conservative corporate culture that dismisses free thinking.

A good way to disband the conservative culture that is so prevalent at the Future Med
Company is to perhaps recruit members into the senior management who are well
qualified and experienced, but who are younger in age and not as orthodox or old
fashioned as the current members of the company’s senior management.
Young business leaders are usually innovative in their thinking and in their approach
to business, and it is possible that by incorporating younger members into the senior
management at the Future Med Company that a breakthrough can be achieved as far
as innovating thinking and action is concerned. T
The younger members of the senior management will surely be open to drafting new
ideas and concepts for undertaken research on radioactive pharmacy and will also be
willing to take on the risks that are necessary in order to do business in a highly
innovative way.
 Young business leaders are also well versed with how risks in business can be
mitigated and how innovation can be undertaken without compromising the growth
and development of the business. They can suggest ways and means by which
innovative projects maybe implemented without triggering any substantive monetary
loss for the company.

The conservative corporate culture that is prevalent at the
Future Med Company and which is resistant to new ideas
and innovation as a whole is one that should be replaced
with a culture where workers are not isolated from one
another and where they are not subjected to an autocratic
conservative senior management.
The work environment in the Future Med Company should
be one where employees are encouraged to work in teams
and share their ideas and views with one another, and only
then can innovative thinking, research and business activity
be allowed to flourish within the walls of the company.

Impact of External Factors on Innovation – A Market Analysis
Market research at the Future Med Company is one that is carried out
by the Research and Development department.
The marketing activities of the Future Med Company are composed
mostly of focused group activities. These are directed towards the
target market of the company, which is made up only of physicians and
doctors. In spite of the Research and Development department of the
Future Med Company being made up of highly qualified individuals,
the department has little or no understanding of what physicians and
doctors actually want, or what they actually require.
This lack of understanding has led the company to create and market
products that do not have too many takers in the target market and as a
result, the company is not being able to profit as much as it could had
the research department had a better understanding of the type of
products that doctors require from them.

The Research and Development department at the
Future Med Company should also think about
launching the products that are made available by
the company, in all the right places so as to market
these better. Clinics and hospitals where radioactive
therapy and surgeries are carried out are places
where the products of the Future Med Company
need to be marketed and distributed

The company also needs to take recourse to social media
channels and marketing platforms online in order to make its
products known to a wider audience. Medical products are
bought online quite frequently these days and by using
marketing platforms for the promotion of the Future Med
products, including social media use, the company can
successfully make the diverse range of its products known to a
wider audience.
The company marketing representatives, namely the Research
and Development department, will be able to reach out to a
greater number of customers through social media marketing
and online marketing of its products and consequently bring in
much revenue for the company.

Efforts should also be made to launch the Future
Med products in all the top Australian cities to
attract a wider customer base for Future Med
products. Some of the prominent Australian cities
where these products can be successfully launched
are Sydney, Melbourne, Adelaide, Hobart and
Brisbane.

Efforts must be undertaken on the part of the marketing
representatives of the Future Med Company to make its
innovative products and services available at competitive prices.
By doing so, the marketing representatives can do a thorough job
of enhancing the appeal of the Future Med products.
While customers looking to buy radioactive pharmaceuticals,
that is, mostly the doctors and physicians in Australia, may at
first be hesitant to buy and experiment with innovative products.
However, if the products are made available for competitive
prices, then the hospital administration as well as individual
doctors will gain an interest in buying these innovative products
and trying them out in the lab before actually deciding whether
or not to use these in scientific and medical undertaking

Impact of External Factors on Innovative Capacity – A
Technological Analysis
Since the corporate culture at the Future Med Company is
quite conservative in nature and also since the funding for
developing radioactive pharmaceuticals in Australia is so
limited, the research and development department of the
company does not get access to all the technological tools
that it needs in order to create innovative products. I
t lacks the technological infrastructure that is needed for
developing radioactive pharmaceuticals that are
innovative in nature and this in turn has a direct role to
play in preventing the Future Med Company from growing
and developing as well as it should be.

An increase in funding is definitely needed from
shareholders if the best technology is to be used when
manufacturing radioactive pharmaceuticals. Only when the
researchers working at the Future Med Company are given
the scope of using well advanced technological tools to do
their work can they actually hit upon the type of products
which are innovative in nature and which will be sure to
stand out in the market when launched.
It is also imperative on the part of the senior management at
the Future Med Company to do away with all the
conservative culture and be willing to put funds to use in
order to encourage innovation within the organization

It is also imperative on the part of the senior management
at the Future Med Company to do away with all the
conservative culture and be willing to put funds to use in
order to encourage innovation within the organization.
The senior managers need to stop resisting change and
innovation and should be willing to allocate funds as made
available by investors to help its researchers carry out
experiments and come up with products that are novel in
form, shape and utility and which will have a new kind of
appeal among consumers when launched in the market

The Research and Development department at the
Future Med Company needs to be in line with the
needs and the requirements of physicians and
doctors to understand the type of technology that
needs to be used to produce products which are
innovative and which is likely to help the target
customer base when using them.

Conclusion
By bringing about a change in the senior
management, by encouraging free thinking within
the company, by demonstrating a willingness to take
risks and by seeking out the funding that is needed to
avail the type of technological tools that facilitate the
creation of innovative products, can the Future Med
Company embark on the process of being more
innovative in its manufacture of radioactive
pharmaceuticals than what it is at present

Bibliography
Ali Taha, V., Sirkova, M. and Ferencova, M., 2016. The impact of organizational
culture on creativity and innovation.
Polish Journal of Management Studies,
14
Amabile, T.M. and Pratt, M.G., 2016. The dynamic componential model of creativity
and innovation in organizations: Making progress, making meaning.
Research in
Organizational Behavior,
36, pp.157-183
Anderson, N., Potočnik, K. and Zhou, J., 2014. Innovation and creativity in
organizations: A state-of-the-science review, prospective commentary, and guiding
framework.
Journal of management,
40(5), pp.1297-1333.
Baporikar, N., 2015. Drivers of Innovation. In
Knowledge Management for
Competitive Advantage During Economic Crisis (pp. 250-270). IGI Global
Cano-Kollmann, M., Hannigan, T.J. and Mudambi, R., 2018. Global Innovation
Networks–Organizations and People.
Journal of International Management,
24(2),
pp.87-92
E. Ettlie, J., S. Groves, K., M. Vance, C. and L. Hess, G., 2014. Cognitive style and
innovation in organizations.
European Journal of Innovation Management,
17(3),
pp.311-326.