MBA501 FutureMed Case Study: Dynamic Strategy & Innovation Analysis

This case study provides an analysis of FutureMed, a radiopharmaceutical company, focusing on its dynamic strategy and disruptive innovation capabilities. It examines the company's internal perspective, including human resources, R&D activities, management structure, financial resources, and resi...Read More

DYNAMIC STRATEGY AND
DISRUPTIVE INNOVATION
Analysis of FutureMed

INTRODUCTION
 Innovation has important role,
 FutureMed: Large radiopharmaceutical
company,
 Nuclear medicine and radioactive
tracers,
 Various operations of business,

INTERNAL PERSPECTIVE
 Various factors in the company
affecting innovation process,
 Crucial to understand internal factors
 Human resources
 Research and development activities

CONTINUE…
 Management Structure
 leadership support
 Lack of Ideas

CONTINUE…
 Financial Resources,
 Resistance to change,
 Weak change management

RECOMMENDATIONS
 Supporting to staff,
 Encouraging employees for
innovation,
 Rewarding Innovative Employees,
 Learning from other companies,
 Experimenting and evaluating

EXTERNAL PERSPECTIVE
 Registered on Australian Register of
Therapeutic Goods (ARTG)
 Industry maturity,
 Customers need and expectations,
 Rules and regulations for pharmaceutical
industry,

CONTINUE…
 Technology Advancement,
 Expansion of radiopharmaceutical drugs
in other countries,
 Suppliers power

CONTINUE…
 Competition in the industry
 Regulations imposed by government
 New concept of radiopharmaceuticals,
 Difficult to raise more funds

RECOMMENDATIONS
 Use of resources
 Patent of products
 Significant measures
 Maintain suitable legal position
 Stronger Intellectual Property Rights (IPRs)

MARKETING PERSPECTIVE
 Market Dynamics
 Competitors’ actions
 Social and political changes
 Economic environment,
 Limited participation in market research,
 Target market: Physician and doctors,

RECOMMENDATIONS
 Analysis of business environment
 Continuous investment
 Diversify political risks,
 Involvement of skilled employees in R&D department,
 Implementation of cost-effective strategy,
 Creating effective marketing team

TECHNOLOGY PERSPECTIVE
 Advanced Technologies and new machines
 Research and Development
 Value chain factors,
 Radioactive drugs a new and developing
concept yet,
 Implementation of new communication
technologies

RECOMMENDATIONS
 Electronic health record
 Portal Technology
 Real time locating services
 Healthcare trackers and
sensors

CONCLUSION
 There are some factors that adversely
impact on the innovation practices of
FutureMed.
 Technological factors can be helpful for
the company in implementing
innovation.
 Business expansion can be used for the
successful innovation.
 New business model and organizational
structure will also be helpful.

REFERENCES
 Dominiquini, J., & Loewe, P., (2006), Overcoming the barriers to
effective innovation: Strategy & leadership, 34(1), pp. 24-31
 Yaşar, O., (2010), Analyzing the Barriers Encountered in
Innovation Process Through Interpretive Structural Modelling:
Evidence From Turkey, accessed on 13th February 2018 from
http://www2.bayar.edu.tr/yonetimekonomi/dergi/pdf/C17S2201
0/207_225.pdf
 Koper, S., & Janoszka, M. N., (2014), Exploring barriers to
innovation in tourism industry – the case of southern region of
Poland: Social and Behavioral Sciences, 110, 190 – 201
 Giedraityte, V., & Raipa, A., (2014), Innovation Process Barriers
in Public Sector: A Comparative Analysis in Lithuania and the
European Union: International Journal of Business and
Management; 9(10)
 Glor, E. D., (2002), Key Factors Influencing Innovation In
Government: The Innovation Journal: The Public Sector
Innovation Journal, 7(2)