MBA501: Dynamic Strategy and Disruptive Innovation – Business Management – Case Study Assignment Help

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Business Management Case Study Assignment Help
Task: FutureMed is a large, listed Australian company that develops and markets radiopharmaceuticals. Radiopharmaceuticals are pharmaceutical drugs that are radioactive. They are unique medicinal formulations containing radioisotopes which are used in major clinical areas for diagnosis and therapy. Radiopharmaceuticals are used in the field of nuclear medicine as radioactive tracers in medical imaging and in therapy for many diseases. Company Structure The company is governed by a board of seven directors that oversee the senior management team. The board of directors expect the senior management team to be vigilant and quick to spot potential new innovations in nuclear medicine but there is no systematic approach in place for the identification or creation of potential disruptive technologies. The senior management team is made up of the heads of each of the company’s large departments including operations, finance, marketing, and research and development. The team meets regularly to review and debate the merits of new company projects which are assessed primarily on their potential to generate profit for the company. This has been a relatively successful approach so far and the company has been able to consistently pay increasing dividends to its shareholders who have developed an expectation of better than average returns as a result. Corporate Culture A recent employee survey indicated that FutureMed has a very conservative corporate culture. The staff on average demonstrated a high resistance to change in their survey responses. One bold employee referred to the senior management team as the ‘senior citizens club’ pointing out that the youngest senior manager was 55 years old. Market Research FutureMed’s market research is conducted solely by the Research and Development Department and comprises mostly of focus group activity directed towards the centre of the company’s target market, doctors and physicians. Despite their efforts, the Research and Development Department have only a limited understanding of what doctors and physicians actually need. Important Stakeholders To be lawfully supplied in Australia, new pharmaceuticals must be registered on the Australian Register of Therapeutic Goods (ARTG) administered by the Australian Department of Health. It is very difficult to successfully register radiopharmaceuticals on the ARTG. Neighbouring countries such as Indonesia and New Zealand have fewer regulations for developing radiopharmaceuticals. It is also difficult to raise capital to fund the development of new radiopharmaceuticals in Australia because it is still a developing science that few business financiers understand and feel comfortable with.
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