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.
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.
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.
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.
FutureMed produces pharmaceuticals drugs There is no systematic method for the identification or formation of possible disruptive technologies to increase the efficiency Conservative internal culture Senior management can’t adopt change Allocation based profitability not future focused Old staffs in senior management team Organizational culture has traditional rigid
Conservative internal culture Senior management can’t adopt change Allocation based profitability not future focused Old staffs in senior management team Organizational culture has traditional rigid The senior management team is conjured of each of the company’s great subdivisions including astralian Department of Health administered new pharmaceuticals for being registered on the Australian Register of Therapeutic Goods (ARTG) to be legally provided in different country of Australia.
governmental legislations are effecting the business expansion process of FutureMed.In this manner, the commitment of the senior management is playing an essential role in the external perspective for the business expansion process of FutureMed in Australia
Regulatory Framework of government
Along with that, as radioactive pharmaceutical drugs are considered as developing concept and most of the people do not have any long information regarding this concept.
It is a responsibility of FutureMed to aware the general population regarding the knowledge of radioactive pharmaceutical drugs.
the management of FutureMed needs to obey the guidelines of Australian government for legally conduct the business operations.
In this way, economic factor is one of the significant element of the external perspective of FutureMed that includes this market research process includes focus group activity by collecting the responses of the
the marketing research can assist the senior management team to determine its strengths and weakness for improving the organizational culture.the senior management team of FutureMed needs to focus on the digital marketing segment to develop the productivity.the senior management team of FutureMed can promote and share new radioactive drugs on the social media accounts of different doctors,
utarget audience (Anderson, 2014).the senior management team needs to pay more attention regarding the security arrangements for the radio-active medicines and drugs that could be harmful for innocent people (Anderson, 2014).the management of FutureMed needs to develop a secured place where these radiopharmaceutical drugs can be surely placed the senior management team should develop a website to increase the popularity of the company across the globe anybody can search and access any information regarding the radiopharmaceutical drugs through the official website of FutureMed (Vineyard, 2013).
FutureMed must recruit young members at high management team Engage training and development Focus on the website development
Anderson, M. (2014). Capable executive. UK : Palgrave Macmillan.
Crommelin, D. (2016). Pharmaceutical biotechnology. USA: springer-verlag new york.
Moffat, A., Osselton, M., Widdop, B. and Watts, J. (2011). Clarke's analysis of drugs and poisons. London: Pharmaceutical Press.
Vineyard, Z. (2013). Website Development with PyroCMS. Packt Publishing.
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