dynamic and disruptive innovation

Dynamic and Disruptive innovation
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The Dynamic and Disruptive innovation for FutureMed It is apparent that for a company to survive and continue being relevant, it is mandatory that they find new ways of conducting business or new methods of production, or even new products and services. This is where innovation comes into play, as different companies change different aspects of its structure and operations, to make it more marketable or more competitive. FutureMed is an example of a company that deals with radiopharmaceutical products. In the pharmaceutical field as known, it is tough to survive as different aspects can potentially contribute to the failure of the company. For instance, there are strict policies and regulations put in place by governing bodies to make sure that the pharmaceuticals are safe products that are feasible. It is therefore paramount that the company finds innovative strategies that work out best for the company. However, some factors affect innovation, and they include; internal, external, marketing and technological.
A. The internal structures that affect the company’s innovative capacity.
There are different internal factors in the company that affects its innovative capacity.
organizational culture
Culture identifies with the qualities and beliefs of the company and how these affect the administration of innovation inside the company. It takes into thought the company’s way to deal with cooperation, correspondence, and risk.

Organizational culture is intrinsic in the way an organization operates and the values it incites inside its activity. It is likewise the most ordinarily talked about factor identifying with an associations capacity to oversee development and innovation. Some researchers go as far to state that it is the ‘essential determinant’ of advancement and innovation. Because of the inescapable part that organizational culture plays in the administration of innovation this factor is seen as crucial to a company. The connection amongst culture and system is exceptionally complex, and it is regularly hard to isolate the impacts strategy, and culture has on each other. The connection between these two variables is inspected in two major ways. Initially, in the way the culture will drive the methodology adopted, for instance in examining the effect having a culture that supports risk will have on creating methodologies that have larger amounts of risks (Kostova, 1999, 310). Furthermore, the corporate effect procedure has on the company’s culture is vast. For instance, a few entrepreneurs contend that by having a shared vision of advancement, the company’s important objectives will convert into the association’s culture. Along these lines, it can be seen that an organization’s strategy represents the primary culture that at present exists. However, corporate policy can likewise drive the culture inside the company. There is a sensitive connection between these two components and critical change frequently requires a considerable shift in organizational culture.
Administration style and initiative, Resources, innovation process, and Employees.
Most experts agree that workers that are engaged and self-ruling have a more noteworthy level of control over their work. This level of control implies that employees feel great in their part to be creative in their work condition. Be that as it may, a few businessmen contend that the level of administration support given to engaged workers will influence their capacity to improve. In this manner, employees do not feel alone in the quest for advancement. Despite the fact that workers are essential to the generation and improvement of new thoughts and ideas the workers should be given adequate resources, in time, resources and finance to enable plans to develop and thus promote innovation. It is in this way the part of the administration to guarantee that the innovation and development procedure happens as expected and that workers know how to connect with the innovation process.
Organizational structure and Employees.
Authoritative structure straightforwardly impacts workers inside the organization, and this is done through various channels, for example, the way groups are organized out and the level of convention. The organizational structure can regularly manage the nature of the jobs in the company. While solitary employees can create innovations; groups of workers will be more vital in impacting the overall capacity of the company to innovate (Galende, 2003, 730). The utilization of team working is dependent concerning different factors, for example, collaborative hierarchical culture and participatory administration style subsequently workers working in groups will be more open to talk about and execute new thoughts within their organizations.
Corporate strategy and employees
The corporate system should be created to mirror the authoritative culture and impart the collective vision and objectives of the company. All workers of the company need to see how the corporate procedure impacts upon their occupations and, what they have to do to enable the association to accomplish their objectives (Teece, 1996, 120). In this manner, if an organization needs to be more successful at creating developments this should be reflected someplace inside the corporate technique and strategy, but generally, workers won’t perceive how innovation impacts explicitly on their everyday life.
Recommendations
FutureMed should get rid of the conservative nature of their culture and be open to new ways of doing things, i.e., risks. The administration should also create a conducive environment that promotes critical and free thinking which enables and encourages innovation in the employees of the company. Furthermore, the corporate strategy should be geared towards the achieving of innovative solutions and plans to give the company a competitive advantage.
B. External factors affecting the organization’s innovative capacity
There is a plethora of factors that exist externally and they affect the ability of the body to innovate and create new strategies. In the methodical idea of innovation, it is appropriate to receive the concept of Regional innovation system (RIS) to explore the external determinants of firms’ innovation system. In this point of view, innovation exercises are aggregate accomplishments that require key parts from various investors, public and private areas, as opposed to a limited choice inside a single firm. It implies that its inside sources and capacities don’t just dictate company’s innovative conduct, yet also affected by the local framework it embedded (SGE, 2006).
The local government
Local government is one of the critical actors in RIS and also private sectors, colleges, and public research foundations, etc. The RIS approach permits government mediation as industry strategy such that resources are successfully assigned to encourage development. Research and analysis demonstrate that the attitude of local government most likely assumed an essential part in firm’s innovative conduct, particularly in a policy dominated nation like Australia. The term of “policy prompted R&D” additionally exhibit that the unique role of government in firms’ innovative decision. It is also foreseen that government’s support will emphatically influence firms’ inventive and innovative conduct. As a supplement of internal money resources, external finance accessibility is dictated by rural financial development. Economist argues that creative behavior frees firms from the need of using reserves inside by helping companies raise capital from sources outside of the organizations at a reasonable cost.
Intellectual Property Rights
There is almost certainty that Intellectual Property Rights (IPRs) play a vital part in development frameworks – to support innovations and interest in development and, to support dissemination of data about the standards and sources of innovation all through the economy. Regardless of whether the IP framework can adjust for over-or under-investment in R&D and advancement and whether this framework contorts, diverts, or squares innovative progress has been for quite some time, been of serious debate. Although weak IPRs encourage the imitation of foreign advancements, more grounded IPRs promote local creative acts. As the extensive provincial differences in China, the security of IPRs among areas varies also and ought to be taken into consideration. Another regional related issue is local environmental security. Just like the IPR, it is worthy to explore the full local difference as far as environmental protection is concerned, since the proper regulation of the environment promotes innovation.
Competition
The effect of competition on innovation has for some time been discussed by financial experts and professionals. Some economists argue that competition may lessen the expected result from R&D and subsequently prompt less R&D and a lower rate of innovation (Jegede et. Al., 2012, 72). This view has been detested by different people as they argue that competition enables and promotes the spirit of innovation in a company as it tries to stay competitive in order to survive.
Recommendations
The FutureMed company should ensure that it is strategically placed where there is less competition. Moreover, it is advisable for the company to obtain intellectual property rights to gain an advantage as they own a product that will be unique to them.
C. Marketing factors impacting the organization’s innovative capacity
Competition
Competition is known to be one of the greatest inspirations of innovations. In this sense to make sure that products go far and wide on an international basis, companies have to come up with strategies to disseminate their products through promotion and selling of products. Organizations come up with innovative ideas to promote their products to fend off the competition or to have a competitive advantage. For instance, companies have resorted to email and social media marketing as a way of reaching to their customers.
Marketing goals
Depending on the market goals of a company, businesses find innovative ways of increasing their share of the market and maximizing profit. To improve their marketing goals exponentially, companies should explain to the consumers how their product is superior and why the consumers should invest in their product (Chryssochoidis, 2003, 50).
Recommendation
The FutureMed company should invest in the marketing of their products and should find innovative ways of convincing their consumers of their products. Furthermore, the marketing department should continuously involve clients to meet their needs and specific changes in the products. This would give first-hand information on the specific market needs of the consumers. This will also pave the way for innovation.
D. Technological Factors Affecting an Organization’s Innovative Capacity
Efforts in investment
The company’s ability to invest in technological advancements will enable a more natural and efficient way of doing things. The research and development should be a major priority for a company as it allows for the establishment for a basis of innovation.
The human resource skill
Through the evolution theory, diverse sources of information allow firms to create routines through the efforts of knowledge and technologies which leads to the selection of competitive technology and innovative techniques. Since the innovation is heavily reliant on the understanding of the employees, their commitment and expertise are essential in the creation process. As a result, technology should be introduced into an organization as it promotes the innovative techniques of an organization (Jetter et al., 2008, 38).
The educational background of the technical departments
The engineering department of a company is known to be the technical department and is mainly known to be the driver of the company regarding innovation. Since engineers spearhead the change of strategy of product or services, they are required to have an adequate and competent background in their fields and thus boost the company’s ability to innovate and thus increasing its innovative capacity. Moreover, since they are responsible for finding different technologies, they are the foundation of the company’s competitive advantage and thus increasing the chances of survival.
Recommendation
FutureMed company should be at the forefront of investing in technological means as it is the primary driver of change in the business. The technical department should also be furnished with all kinds of resources to conduct research and development of the company, as they are the point of the company at which innovation pivots. Furthermore, the company should hire biomedical engineers who are competent and can do further research in the business, to improve the radiopharmaceutical products, or innovate other products that can be of more use to not only the company but also the consumers of the product.

References
Chryssochoidis, George. (2003). Factors affecting product Innovations: A literature review. 4(1), pp.47-57.
Galende, J. and de la Fuente, J.M., (2003). Internal factors determining a firm’s innovative behaviour. Research Policy, 32(5), pp.715-736.
Jegede O., Ilori M., Sonibare J., Oluwale B,m and Siyanbola w.,. (2012). Factors Influencing Innovation and Competitiveness in the Service Sector in Nigeria: a Sub-Sectoral Approach. Management, [online] 2(3), pp.69-79. Available at: http://article.sapub.org/10.5923.j.mm.20120203.03.html [Accessed 14 Feb. 2018].
Jetter, M., Satzger, G. and Neus, A. (2008). Technological Innovation and Its Impact on Business Model, Organization and Corporate Culture – IBM’s Transformation into a Globally Integrated, Service-Oriented Enterprise. Business & Information Systems Engineering, 1(1), pp.37-45.
Kostova, T., 1999. Transnational transfer of strategic organizational practices: A contextual perspective. Academy of management review, 24(2), pp.308-324.
SGE. (2006). External factors influencing innovation. [online] Available at: https://www.techinasia.com/external-factors-influencing-innovation [Accessed 14 Feb. 2018].
Teece, D.J., 1996. Firm organization, industrial structure, and technological innovation. Journal of economic behavior & organization, 31(2), pp.193-22