Senior management team at FutureMed

FutureMed is an Australia based organization that is involved in the development and marketing of radiopharmaceuticals. The organization has been quick in spotting potential new innovations in nuclear medicine. The report mentions the internal perspectives, external perspectives, marketing perspectives and technology perspectives that affect the the organisation’s innovative capacity.

FutureMed comprises of a group of seven executives, who are responsible for managing the senior group of managers. The top managerial staffs expect the senior management group to be quick in spotting potential and new advancements in nuclear medication. On the contrary, there is no orderly approach set up by the management for the differentiating or making likely problematic innovations. This group of senior administrators consists of the leaders of every one of the organization’s expansive divisions operations, finance, marketing, and research and development. The group attends regular meetings to audit and hold a discussion regarding the benefits of new organization projects or ventures, which are surveyed essentially on their ability or capacity to create benefits for the organization. FutureMed has an extremely moderate corporate culture. The staff is considered to have exhibited a high resistance from change in their review reactions. A majority of the individuals at the senior positions are “senior citizens” with the youngest senior manager being 55 years old. This largely impacts the organisation’s innovative capacity as the majority of the staff members show resistance towards changes (Hogan and Coote 2014).

Organizational culture has been considered to have a huge impact on both individual and organizational procedures and outcomes. In this manner, organizational culture is by all accounts basic to the accomplishment of an association. Effective associations have the capability of retaining the development into the organizational culture and administration forms. Organizational structure has been differently characterized. In its easiest frame, it can be defined as the way things are done in the association. It is an arrangement of implications made inside the association, yet affected by more extensive social and authentic procedures (Wang and Rafiq 2014). Culture can be found in the standards and qualities that describe a gathering or association; it is an arrangement of shared esteems and standards that characterize fitting states of mind and practices for its individuals.

Therefore, FutureMed must emphasize upon its organizational culture as it appears to have an impact on how much innovativeness and development are fortified in an association. Effective associations have the ability to retain innovation and creativity into the hierarchical culture and administration forms. Therefore, organizational culture lies at the core of hierarchical development. Hierarchical culture influences the degree to which inventive arrangements are empowered, upheld and actualized. A culture steady of innovativeness energizes creative methods for speaking to issues and discovering arrangements. The fundamental components of organizational culture (shared esteems, convictions, and conduct anticipated from individuals) influence innovation and development (Ax and Greve 2017). Therefore, the organization must emphasize upon ensuring flexibility in its operations and must hire more youth so as to ensure there is no resistance to change within the organization.

Organizational culture in knowledge creation, creativity, and innovation

The external factors that impact the innovative capacity of FutureMed are as follows:

• Presence of innovation infrastructure: This majorly involves the level of technological development in the country. FutureMed faces issues in raising capital for developing new radiopharmaceuticals in Australia as the country is still developing and not many business financers are able to relate with the innovations in the field of nuclear medicines. Therefore, lack of proper innovation infrastructure and lack of finance has largely impacted the organization.
• Government support: The support of the Government of a country is essential for bringing in new technologies and utilizing them in the business processes. The policies of the Government also largely impact the innovation capacity of the organizations (Rodríguez-Pose and Di Cataldo 2014). Similarly, the unfavourable policies of the Government in relation with the innovations and technologies have largely impacted FutureMed. The Australian Register of Therapeutic Goods (ARTG) has created several troubles for the organization to operate smoothly in the country.
• External environment: This is referred to as the environment in which organizations commercialize and present developments or innovations. The innovations usually occur in clusters. The nature of the environment relies upon four elements namely factor conditions, related and supporting organizations and demand conditions within a nation (Croce et al. 2018).

Therefore, the organization must emphasize upon clusters as it can support both the requirements and chances of innovation. The capacity and adaptability of groups to quickly transform thoughts into the truth is another vital factor. Organizations that lie in groups or clusters can frequently source essential parts and abilities inside the cluster to acknowledge innovations (Guan and Yam 2015). Accomplices and providers can share data and get associated with the innovation procedure. At last, the usefulness of clusters is accomplished through consistent overflows and externalities which are critical for innovation.

Marketing and innovation are inseparable and enable the organizations to identify the ways of driving innovation by generating innovative and creative solutions to the challenges of some new product, service and their positioning (Auernhammer and Hall 2014). Marketing helps in communicating the innovation to the people concerned. Marketing enables the organizations to create desirability for their products or services so that they are accepted by the customers. FutureMed has conducted market research, which has emphasized mainly on the target market of the company, doctors and physicians. The research and development team of the organization has limited its research to the requirements of the doctors and the physicians.

Therefore, the organization is required to improve its marketing research process in order to gain competitive advantage and remain ahead of the competitors especially in terms of innovation and technologies. FutureMed must focus upon the art of persuasion in order to obtain support for innovation from the internal environment of the organization as well as the external environment of the organization. The organization shall have to use effective marketing strategies in order to convey the importance of innovations in nuclear medicines and obtain support from the customers as well as the Government of Australia.

FutureMed is an Australia based organization that is involved in the development and marketing of radiopharmaceuticals. The organization has been quick in spotting potential new innovations in nuclear medicine. In this present quick and fast changing world it is important for each association to concoct development (Dodgson and Gann 2014). Regardless of whether it is advancement in organizational culture or it is in the field of innovation, it is important to continue improving new thoughts and advances keeping in mind the end goal to survive. Any change in existing technology or a development of any new innovation is called technological advancement. FutureMed has also emphasized upon the use of proper technology and innovation in developing and marketing radiopharmaceuticals. Without question, medical innovation is the key to individuals’ wellbeing and enhanced personal satisfaction. A technological development happens when there is a need of another item according to the necessity of the predetermined market. A technological advancement proclaims the association and encourages it improve effectively.

External factors that impact FutureMed’s innovation

However, the organization must continue emphasizing upon technology and innovation as there are numerous advantages that technological innovation conveys to the table with regards to health care. Diagnostics have never been easy and more precise, particularly because of innovations in the areas of nuclear medicines. Innovation in nuclear medicines shall enable the organization to efficiently diagnose cancer and several neurological disorders in its early stages so that appropriate treatments can be provided to the patients. It shall also provide molecularly targeted treatment of cancer and certain endocrine disorders. The innovations shall improve the ability of understanding the relation between brain and behaviour along with assessing the atherosclerotic cardiovascular system. It shall also enable the doctors and physicians to understand metabolism and pharmacology of new drugs along with assessing the efficiency of the new drugs and several other types of treatments. It shall also enable development of higher resolution and more sensitive imaging instruments to detect and quantify disease faster and more accurately.

Conclusion:

FutureMed must emphasize upon its organizational culture as it appears to have an impact on how much innovativeness and development are fortified in an association. The organization must also emphasize upon clusters as it can support both the requirements and chances of innovation. The organization shall have to use effective marketing strategies in order to convey the importance of innovations in nuclear medicines and obtain support from the customers as well as the Government of Australia. Lastly, the organization must continue emphasizing upon technology and innovation as there are numerous advantages that technological innovation conveys to the table with regards to health care.

References:

Auernhammer, J. and Hall, H., 2014. Organizational culture in knowledge creation, creativity and innovation: Towards the Freiraum model. Journal of Information Science, 40(2), pp.154-166.

Ax, C. and Greve, J., 2017. Adoption of management accounting innovations: Organizational culture compatibility and perceived outcomes. Management Accounting Research, 34, pp.59-74.

Croce, M.M.M., Nguyen, T.T., Raymond, S. and Schmid, L., 2018. Government debt and the returns to innovation.

Dodgson, M. and Gann, D.M., 2014. Technology and innovation. The Oxford handbook of innovation management, pp.375-393.

Guan, J. and Yam, R.C., 2015. Effects of government financial incentives on firms’ innovation performance in China: Evidences from Beijing in the 1990s. Research Policy, 44(1), pp.273-282.

Hogan, S.J. and Coote, L.V., 2014. Organizational culture, innovation, and performance: A test of Schein’s model. Journal of Business Research, 67(8), pp.1609-1621.

Rodríguez-Pose, A. and Di Cataldo, M., 2014. Quality of government and innovative performance in the regions of Europe. Journal of Economic Geography, 15(4), pp.673-706.

Wang, C.L. and Rafiq, M., 2014. Ambidextrous organizational culture, contextual ambidexterity and new product innovation: A comparative study of UK and Chinese high?tech firms. British Journal of management, 25(1), pp.58-76.