Strategic planning has been the process by which most health care organizations systematically identify their resources, capacities, and capabilities for the purpose of generating profits and allocating capital resources (Campobasso, 2000). A component of strategic planning, business strategy may be viewed as the outcome of health care organizations meeting their external environments. With increasing competition in the industry, organizations must make decisions about strategic selections in products and services to compete in turbulent markets found that business growth and strategy changes by type of strategic positioning of the organization. Layton (1991) suggested that organizational growth objectives must be consistent with financial realities of capital structure, because rapid growth can strain resources and create financial difficulties. Despite its success, as measured by financial growth, innovative outcomes, and number of firms entering the industry, biotechnology remains a capital-intensive and risky manufacturing partly because of market uncertainties and complex regulatory regimes. Given its knowledge intensive character, biotechnology is also a fertile ground for entrepreneurial activities including firm creation. In such an environment characterized by high risk and rewards coupled with the potent role of knowledge, established, and newly founded biotechnology firms are in a continuous competition to secure funds mainly from venture capital firms and government agencies while reaping knowledge, know-how and expertise from spatial externalities (Pisano, 2005). Funding for biotechnology should cover the development of infrastructure, basic-research, contribution of venture capital (for technological developmen... ... middle of paper ... ... Although biotechnology promises to generate immense wealth, significant investment over long periods will be required to unlock this potential. Funding for these companies present a particular challenge to the capital markets. The industry embraces not only companies developing end-products but also those providing the tools, such as specialized technologies, equipment, and software to support these activities. The financial demands of these different types of business vary but many face high risks and long timeframes before achieving profitability. High technology companies concluded that biotechnology firms face severe financing constraints that electronics or software (Pisano, 2005). Funding is not only a key strategic issue for the companies themselves, but is critical in realizing the benefits arising from the scientific breakthroughs of the last few decades.
The Guiding Principles that drives strategic planning strengthens the organization’s ability to implement a system that is solution and priorities oriented. The strategic initiative taken by the organization towards its strategic planning has brought people of diverse disciplines together to address short-term and long-term issues that hinder its future success. The organization has a vision of identifying breakthroughs and implications of biotechnology. It is also in the plan of expanding The Rose Project, a program that caters for breast cancer screening and Cancer
Faboil Ltd has evolved into a relatively successful organisation in the biotechnology field. The success of the company and its paternal approach was adopted by Dr Alfred Brownlow. Dr Brownlow has led from the front in terms of developing the product range for Faboil Ltd. Richard Cranberry (Director of Biotechnology) has driven very hard to maintain the success of the company, although the organisation lag behind in terms of modus operandi technology. At present, the monopoly position of Faboil Ltd has slowly eroded away and faces two competitors. The major causes are that the new products have failed to live up to market expectations and it is at a backward stage only holding a 20% market share. This report will find the causes of issues in the company and give ideas and resolutions on how to fix the problem.
Nucleon is a small biotechnology start-up with a very promising potential product (CRP-1), which is also the first product that Nucleon is planning to go into the clinic market. Nucleon has reached to human clinical trials phase with its product and it has no manufacturing facilities that satisfy the guidelines for these clinical trials and testing. Nucleon is on the verge of making a critical choice of manufacturing strategy, which will affect Nucleon’s survival in the intense competition in the long haul. Nucleon management is aware of the facts that they have a limited budget to start with, the financial environment in biotechnology is rapidly changing and establishing the safety and efficacy of products like CRP-1 is complex, time-consuming and expensive; that’s why they want to evaluate risks and rewards of each manufacturing strategy before making their final decision.
HCA, after following a conservative financial policy since its establishment, has entered the new decade preparing to make some changes in order to realign their financial strategy and capital structure. Since establishment, HCA has often been used as a measure for the entire proprietary hospital industry. Is it now time for the market to realign their expectations for the industry as a whole? HCA has target goals which need to be met in order to accomplish milestones in the future. The problem arises as to which area holds priority to the company. HCA must decide how the key components of their financial strategy and policy should my approached in order to meet their future goals.
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WellStar Health Systems is currently the preeminent and largest health care provider in Metro Atlanta. WellStar Health Systems is a not-for-profit institution that is composed of 5 hospitals and an abundance of physician groups. Physician specialty groups included within WellStar are: ENT, Psychiatry, Endocrinology, Pulmonary Medicine, Infectious Disease, General Surgery, Rehabilitation, Pathology, and Rheumatology. WellStar’s organizational design is composed of internal and external factors that define the organization’s size, organizational structure, and processes. Internal and external factors are the basis for influencing managerial conclusions in decision-making. These factors vary from organization to organization and are the rationale for understanding WellStar’s strengths, weaknesses, opportunities, and threats. Understanding these variables is a necessity for the sake of WellStar’s survival
A strategic plan is a tool that delivers guidance in achieving a mission or goal with maximum proficiency and control for an organization. Strategic planning is used to transform and revitalize organizations. The plan helps provide an inclusive understanding of opportunities and challenges both internally and externally for the organization. The plan delivers an assessment of the strengths and limitations that are realistic within the company. A well-developed strategic plan will offer a comprehensive approach and empowerment for the stakeholders involved. It is an opportunity for learning and understanding priorities that will drive the business to succeed. Jones (2010), describes how in health care organizations, strategic plans characteristically concentrate on operational and organizational goals such as when to obtain new technology, how to meet competitive challenges, and what staffing, tools, or facilities are needed to ensure organizational survival. The mission and value statements are significant in determining the quality of a strategic initiative. Forcing the organization to look toward the future creates proactive objectives in which both short-term and long-terms plans and goals are necessary in order to succeed.
The ubiquitous and incalculable benefits of biotechnology as a whole and the specific issues involved in Gattaca successfully mute the alarmist calls for moratoriums and bans on these technological breakthroughs. With utmost caution and consideration these studies will ultimately lead humanity to limitless heights.
For the biotechnology industry, the future is now. Biotech companies are producing new and improved drugs, mapping the genome, and creating artificial organs and body parts. The advent of these new products will increase the quality of life for those who have access to them. Advancements in the biotechnology field have received a lot attention by the press and publications. They have given the impression that it is almost imperative to learn about this fairly new field of study.
The various industrial exposers prompted me to obtain higher degree (MS and Ph.D) and to explore the untapped fields in biotechnology which may prove beneficial to the industry and ultimately to human kinds at large. Hopefully, I find your kind consideration to fulfill my desires to grow in the research field that would help me in working on the field of my interest.
requires a precise mix of intellectual and technical resources. Seed is the first stage of venture capital
However, as proven by Genzyme’s roadmap to selling for $20 billion, it was clear that innovative approaches had to continually be pursued and considered. It was not enough to simply identify and enter this niche market, Genzyme also had to innovate the way a biotech firm would position itself within the market by not teaming up with larger pharmaceutical companies early on and by pursuing alternative means to obtain the necessary funds to finance their research and development costs, which was done by generating revenues though side
Qiu, L, Chen, Z-Y, Lu, D-Y, Hu, H & Wang, Y-T 2010, 'Public funding and private investment for R&D : a survey in China’s pharmaceutical industry ', Health Research Policy and Systems, vol. 12, no. 27, pp. 11