Factors that Hamper the Progress of Futuremed-Samples for Students

Question: Prepare an analysis of the key external factors impacting the Organisations innovative capacity and offer recommendations supported by explanation for addressing them. Answer: Analysing key external factors The analysis of the case study shows that one of the key external factors that may hamper the progress of FutureMed is the Research and Development team have less understanding about medicines. As stated by Cascio (2018) it is important for the research and development to have a complete knowledge about the current market status. In the case of FutureMed, it is seen that the organisation does not have the resources required to exploit the research and development department in the organisation. Another factor that may play a crucial role in the innovation capacity of the organisation is the fact that the senior managers of the departments are all above 55 years of age. This hinders the chances of innovative ideas and the urge to explore the uncertain areas. This plays an important part as the social factor of the organisation comes into focus. The aged senior members of the organisation point out to the lack of social relations of the organisation. Apart from this, the stakeholders also play a crucial role in hindering the innovative process. The legal factor of the country prevents the registration of radiopharmaceuticals in a successful manner. It has been seen that the registration of radiopharmaceuticals under the Australian Register of Therapeutic Goods (ARTG) is challenging. However, in countries like Indonesia and New Zealand, such regulations exist in few. The financers are not aware of the drugs as it is relatively new in the market and is considered as a developing branch of science that can be effective for customers. Recommendation After the analysis, it can be recommended that FutureMed need to develop talents so that research and development can be conducted properly. Research and development of the organisation can be improved by recruiting people that have an experience in market research. The market research technique of the organisation needs to be such that it helps it develop competitive advantage. The second issue that has come to the limelight is the age factor of the senior member. This can be considered as an internal problem as well as an external problem. The owners of the organisation need to recruit talented and skilled young people who can take the responsibilities as head of the departments. By doing so new tactics can be implemented that may help the FutureMed be innovative. The social factor of the organisation needs to be improved so that it can recruit people for senior as well as junior posts. To mitigate the challenge faced by the legal framework, FutureMed can export the radiopharmaceutical to countries where the registration of such drugs can be done easily. A research and development branch can be set up in either New Zealand or Indonesia to see the effects of the drugs successfully. This can help the company gain some form of revenue to continue its production of the drugs. Overall, it can be said that FutureMed need to have sharp and talented personnel that can address the external threats of the organisation. References Cascio, W., 2018.Managing human resources. McGraw-Hill Education Botha, A., Kourie, D. and Snyman, R., 2014.Coping with continuous change in the business environment: Knowledge management and knowledge management technology. Elsevier. Hamilton, L. and Webster, P., 2015.The international business environment. Oxford University Press, USA. Ismail, N.A. and Kuivalainen, O., 2015. The effect of internal capabilities and external environment on small-and medium-sized enterprises international performance and the role of the foreign market scope: The case of the Malaysian halal food industry.Journal of International Entrepreneurship,13(4), pp.418-451.