Analysis Of FutureMed’s Internal And External Innovation Strategies

Background

FutureMed is one of the largest companies present in Australia that deals in the development and marketing of radiopharmaceuticals. Radiopharmaceuticals are drugs that are radioactive in nature. The following drugs are in high demand because of its uniqueness and are used in a large number of medical; treatment and diagnosis. The following report will analyze the strategical perspectives and the adaption of the dynamic marketing policies by the company in Australia. The introductory part of the research will be followed by the internal perspective and the recommendations of the internal perspective of the business. On the other hand it will again be followed by the external perspective, marketing perspective and lastly the technological perspective with each of the perspectives having its own set of recommendations.

The company is governed by a board that comprises seven different directors who have the final say in the management of the organization. The company has a conservative and introvert culture which diminishes its possibility to expand across new markets. The organization is registered under the Australian Register of Therapeutic Goods that is mainly controlled by the Australian Health Department in the Government of Australia. The large number of different regulations and policies makes it hard for the company as well as the radiopharmaceutical industry to flourish in Australia.   

The internal perspectives of the business is one of the most effective analysis that needs to be completed to have a clear understanding of the marketing factors that have a direct impact on the performance of FutureMed in the success of the business in Australia. The main internal perspectives that are to be considered in this particular case include the likes of the Strengths and Weaknesses analysis of the company. The analysis of the following two are as follows

STRENGTHS	WEAKNESSES Save Time On Research and Writing Hire a Pro to Write You a 100% Plagiarism-Free Paper. Get My Paper
§ Board is Governed by seven different directors § Regular Meetings leads to success § Niche market of radiopharmaceuticals § Employee Strength	§ Absence of any systematic approach to identify new innovations § Staff showing high resistance to change § Presence of over aged directors § Presence of too much regulations

• The largest strength of the company is that the board is board is governed by a set of seven different managers who are quite experienced and matured enough to lead the company to the right way so that it can gain success in the Australian market. The presence of seven different directors provides the much needed excellence and expertise to the company that helps the company to have a stronghold over the business in the Australian market (Annarelli and Nonino 2016).
• The conduction of regular meetings in the organization is one of the most important strengths of the organization as because it helps the management to stay updated about the issues or the problems within the company and address them at the earliest.
• The niche market for radiopharmaceuticals is another important cause that adds to the strength of the organization (Christensen et al.2016). The absence of regular radiopharmaceutical companies has also helped to increase the strength of the company in the country.
• The employee strength of the company can help in the development of the organization as more is the employee strength, the more will be the innovative ability of the business and it will also lead to the increase in the productivity of the business
• The presence of government as well as private funding is a boon for the company
• The radio pharmaceuticals sector also provides great strength for the future investors as increase in its demand will help in the growth of the organization

• The absence of any systematic and proper approach to innovate different new innovations can lead to the weakness of the company in Australia. Innovation in research and development can help the organization to spread its wings and explore new opportunities. However, its absence can trigger the damage of the company.
• Another main weakness of the company is the strong resistance of the staff of the company to any kind of change process (Corsi and Di Minin 2014). The tremendous resistance to the change process is certainly a backdrop for the organization.
• The presence of over aged directors in the board of the organization is another serious disadvantage to the company. Though the directors are experienced and matured enough to meet the different challenges, the pace of the modern market and the need to implement dynamic strategies always needs young and dynamic minds (Waterstram-Rich and Gilmore 2016).
• Australia has a large number of regulations over radiopharmaceuticals and the business of the following needs to clear a number of different hurdles and must ensure that they have the necessary policies and guidelines in line to ensure transparency of the business (Rothaermel 2015).

The internal analysis of the company has identified a number of different weaknesses in the organization. This can be addressed by;

1. The Government of Australia must come forward and help the company by removing the hurdles and barriers to start the business of radiopharmaceuticals in Australia. The Government must consider the importance of the following drugs and implement actions to ease the policies and guidelines that can help in the success of the company.
2. Introduction of a training program for the staffs to help them understand the benefits of the change management in the company (King and Baatartogtokh 2015). The management of the change will be important to improve their skills as well
3. The introduction of a scientific process will be a game changer to the development of the organization as because scientific process will help the organization to innovate and develop new ways to market the goods and services in Australia

Similar to the internal perspectives of the business the external perspectives of the business pose a serious impact to the success of the business in Australia. The external perspectives of the company have a similar impact to the success of the company. The main external perspectives are the opportunities and the threats that are related to the company.

OPPORTUNITIES	THREATS
· The conduction of regular meetings in the business is a strength as well as an opportunity · The absence of any other large competitor in the radiopharmaceuticals is one of the largest opportunities for the business to expand in the untapped market · The consideration of a retail business option can be helpful for the organization	· The presence of too much rules and regulations is a serious threat to the shareholders of the business · The late introduction of a scientific process is a threat to the business · The presence of radioactive materials in the drugs is a threat

 Opportunities

• As mentioned earlier the regular conduction of meetings is important and is certainly an opportunity for the company as because the frequency of the meetings can be increased each and every time which helps the organization to improve its performance accordingly The untapped market of Australia is by far the largest opportunity for FutureMed to make itself a name and earn huge revenue (Christensen Raynor and McDonald 2015)
• The absence of any other large competitors in the race to capture the radiopharmaceuticals market of the country also adds up to the benefit of the company
• The consideration to channelize retail operations can be another wise opportunity for the business organization (Teece Peteraf and Leih 2016)
• The government support in Australia is also one of the greatest opportunities for the business
• The economic and financial backing of both the Government and the private organizations is one of the best opportunity for the growth of the radiopharmaceuticals industry in Australia
• The presence of negligible competition in the following industrial sector and the presence of strong legal rules and binding helps the organization to get a major boost in commercial production of the radio pharmaceuticals in Australia

• The shareholders of the business have invested their money in order to receive a fruitful return. However, the absence of any serious chances can hamper the organization and make them seriously rethink on the prospects of the following investment
• The late introduction of the scientific process can hamper the business and help other similar business take advantage of the reluctant nature of the organization. It will also cost the organization the valuable market share of the drugs in Australia
• The absence of proper training on how to handle the radiopharmaceuticalscan cause substantial to huge damages and is always considered to be a threat to the environment

Some of the recommendations to avoid the above said problems are as follows;

1. The shareholders must be convinced and presented with a proper mapping of the organization which will help in the regular flow of funds and increase in the chances of the success of the company in the market (Christensen Raynor and McDonald 2015)
2. The management of FutureMed must implement all the latest scientific innovations in the market to ensure the monopoly of the company in the market and also ensure their strong presence in the Australian and New Zealand market
3. The management of the organization must provide a proper and scientific training to all the employees of the company as because they have to always deal with radioactive materials that are harmful for health and can cause substantial damage to the environment. Therefore the organization has to be extra careful to avoid any such problems.

Innovations are perceived to ensure competitiveness of the goods that are produced by the different business organizations and provide a sustainable success to the company in the modern competitive market. All of the different market factors are generally differentiated by either the internal or the external factors. The external factors have a key role in the research and development process of the company and thus serve out to be the main innovative process in the implementation of the technology. There are different stages of the innovation process of the marketing of FutureMed. This includes the likes of;

1. Reviewing the market situation
2. Generation of the ideas
3. Filtration of the Ideas
4. Evaluation of the Concepts
5. Analysis of the different types of Economic Factors
6. Development of the product
7. Testing of the product
8. Test Marketing
9. Realization ort the calculation of the profit earned

Internal Perspective

The innovative process plays a key role in the formation of the different factors including the likes of the internal, external and subjective factors. The objective factors are easily linked to the external factors and have a pre determined by different kind of long term needs and are generally associated with the different strong-willed decisions on a particular subject. As mentioned earlier the implementation of the innovative products in the market is important for the organization. The implementation requires the involvement of high end risks which is tough to handle (Marx and Hsu 2015). The management of FutureMed must ensure that they follow a proper strategy. The organization has decided to implement the Niche marketing strategy to capture the radio pharmaceuticals market. Australia being a rather new market for radiopharmaceuticals, the company has predicted a gradual growth of the product in the first 5 years of its introduction. Another important external perspective that must be in consideration is the consumer behavior. The management of the company must have a clear and fresh idea on the demands and the needs of the consumers and produce the drugs accordingly. The marketing department of the organization must also take the additional responsibility of creating a supply chain in Australia as because the present supply chain is not suitable for the proper dispatch of the radiopharmaceuticals to be manufactured and sold by the company.

The marketing perspective of the organization can be improved by means of a number of different ways. This may include;

1. The consumer behavior must be studied well by the marketing team of the organization in order to ensure their success in the market
2. The analysis of the different types of the economic factors is useful for the business as the economic factors will be considered for the creation of new drugs and doing scientific research and development on the existing set of the medicines
3. The strategies of the organization must be implemented in the Australian and New Zealand market in such a way that it suits the demands of the different types of the individuals

Technology is believed to be one of the key factors in the success of the business. The success of the business organization in the market depends on the ability of the management of the company to implement and install the latest technologies that can have a clear impact on the business. The understanding of the different factors that is responsible for the adoption of the technology it is important for the management to get a thorough knowledge about the examination of the factors that influence the adoption of the innovation process in the business. Technological innovation in FutureMed will be mostly dependent on the innovation of the medicines to create more effective radiopharmaceuticals for the people. Apart from innovation in the implementation of the internal and the external factors there are also innovations in the communication skills of the organization. The communication skills of the organization have to be innovative and technologically effective in nature to match the latest demands of the market.

External Perspective

The radiopharmaceuticals are produced by commercial production of radio isotopes in controlled and selected scientific environment. The management of FutureMed has constructed two such similar research and developmental factories where radio isotopes used in the generation of the radiopharmaceuticals will be produced in controlled and scientific environment. However, the safety department of the organization must take extreme caution while commercially producing the following pharmaceuticals.

There are different ways to improve the technological perspective of the business. This includes the likes of;

1. The communication setting in the company must be ensured accordingly to ensure that the best communication skill is present in the organization. The presence of a good set of communication ensures the success of the business in the market
2. The management of the company must use the latest technology to manufacture radiopharmaceuticals
3. The use of the latest technology will allow success to the company
4. Extreme precaution must be taken while commercially producing radiopharmaceuticals
5. Experts experienced in the production of radioisotopes must be taken on board

Conclusion

The following report has provided a short yet effective and compact analysis of the different business perspectives that is the main source of operations in the business. The report which starts with an introduction and small background provides the internal as well as the external analysis of the organization in the Australian market where there is a compact analysis of the strengths, weaknesses, opportunities and threats related to the business. The providence of the marketing and the technological perspective is also a significant part of the study. Apart from this the report also provides a number of different recommendations based on the study. The analysis of the report will provide the readers a thorough analysis of the different organizational perspectives. 

References

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Christensen, C.M., Raynor, M.E. and McDonald, R., 2015. What is disruptive innovation. Harvard Business Review, 93(12), pp.44-53.

Corsi, S. and Di Minin, A., 2014. Disruptive innovation… in reverse: Adding a geographical dimension to disruptive innovation theory. Creativity and Innovation Management, 23(1), pp.76-90.

King, A.A. and Baatartogtokh, B., 2015. How useful is the theory of disruptive innovation?. MIT Sloan Management Review, 57(1), p.77.

Marx, M. and Hsu, D.H., 2015. Strategic switchbacks: Dynamic commercialization strategies for technology entrepreneurs. Research Policy, 44(10), pp.1815-1826.

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