Business - A Case Study

Better Essays
Raising Funds

An ongoing problem with most research facilities around the globe is funding. Now that Vertoxin has been discovered, the next step is to get it onto pharmacy shelves across North America. In order to do this Dr. Lingwood and his research team must put the drug through three stages of testing in living human patients. These three stages are estimated to take up to seven years to complete. With the help of additional funding, Dr. Lingwood hopes to bring that number down to three or four years. This is where I come in. My case study problem is raise enough money through government funding to support the testing procedures throughout the four years. When looking at this problem we decided that the best strategy for reaching our objectives would be to use the strategic planning process. This involves setting objectives, developing strategies and creating action plans to accomplish specified goals. Inside are the results of this process.
When setting objectives we looked at two main points. First, how much money we need, and second how to decrease the time estimated to complete the experiments. After brainstorming, these are the two objective we came up with:
1. To obtain $1.5 million - $2 million in funding,
- to be split evenly over four years
2. To shorten the completion time of the three stages
Develop Strategies:
Once our objectives had been set, Dr. Lingwood and I began to develop goal-achieving strategies. When deciding on a suitable strategy we decided to take snap shot of Dr. Lingwood’s department in a "perfect world". In other words, we looked at how the department would operate at peak efficiency and work to find ways to achieve that level of performance.
Objective 1: To obtain $1.5 million - $2 million in funding
Strategies: a) Apply for a grant from the Canadian Cancer Society and/or other appropriate government agencies.
b) Fund raise among wealthy donors
c) Improve awareness of Vertoxin
Objective 2: To shorten the c...

... middle of paper ...

...- examine other situations where the procedure requirements are similar and determine if there are any procedures that have been found unnecessary
Unfortunately this strategic planning process will not be implemented for some time, if at all. According to Dr. Lingwood however, there is no reason why it should not work. In the past he used a similar strategy to obtain a grant. Knowing this has given me confidence in my strategic plan.
This assignment has shown me that reaching objectives can be achieved more easily if you break the process down. I have also obtained a new prospective on achieving goals in a real life scenario. Working side by side with a near complete stranger was difficult but made this assignment a far better learning experience. On completion of this assignment I can easily say that this has been one of the most challenging, enjoyable eye-openers I have experienced during high school.
Get Access