The paper "Institute of Drug Technology - Managing Operations" is a perfect example of a management case study. The Institute of Drug Technology (IDT) Australia is a nonprofit university organization operating as part of Victoria College of Pharmacy. IDT began in 175 as a research, developments and consultant center. In 1988, the company listed in Australian Stock exchange after successful acquiring of its assets by professionals from the Victoria College of Pharmacy. The company shifted from an academic research center towards manufacturing of pharmaceutical products, after listing in Australia Stock exchange. Currently, the company has many manufacturing plants in Melbourne, operating under license from the Australian Therapeutic Goods Administration (TGA) and U. S Food and Drug Administration (FDA), where it manufactures pharmaceutical products.
IDT is one of the few Australian companies that have approval from FDA, enhancing its access to the US market. Currently, IDT is a highly successful company internationally recognized for developing and manufacturing anti-cancer drugs. Its profitability has also risen over the years, with an annual growth rate of 47% from 2000-2004. The company’ s mission is being a leader in developing and manufacturing of pharmaceutical products. Question One: Core capabilities of IDT Technological capability Currently, IDT has first-class expertise and facilities in anti-cancer and potent drugs research and development.
The level of expertise and rise in core competencies gives the company a stronghold in the pharmaceutical field. The company owns and operates a modern state of the art laboratories, plants and facilities. Therefore, the company has the capacity and means to meet its demand for their products, while in the meantime continue to develop new innovative products. This has enabled the company to retain and enhance high-quality standards of their products. Manufacturing capability Because of their extensive expertise and efficient facilities, IDT has the capacity to specialize in anti-cancer and potent drugs developing and manufacturing.
In 2002, the company secured its long term development by expanding its manufacturing capacity and capitalizing on its market opportunities. Capability to partner with others and commercialize The company collaborates with leading pharmaceutical companies such as Pfizer, Wyeth, AstraZeneca, and Johnson & Johnson. This collaboration is helpful in the development and manufacturing of pharmaceutical products, as well as the provision of a wider market.
Additionally, the company is working with large and small companies in developing new drugs for chronic diseases. Such programs research and develop new drugs with high standards for commercial purposes. Drugs developed and manufactured through such programs must pass through two crucial clinical trials. These projects generate a lot of revenue during the development stages and have the potential for the future growth of the company. Innovation IDT has over 130 highly qualified and experienced engineers and scientists to handle the developing and manufacturing of new products. The company also has great leadership of its CEO and board of directors.
Through their highly capable team, the company utilizes its scientific expertise to conduct research and meet its customers and market needs. To function smoothly, the company has two arms that work together. The first arm handles research and development for main Australian customers such as Starpharma, Meditech and Amrad. This arm of IDT is also in charge of developing new drugs and products requiring critical process. This helps the company develop highly innovative products that meet the internationally recognized standards.
The other arm of IDT is in charge of manufacturing commercial products. These are functions in collaboration with leading and small pharmaceutical companies for a fee. The two arms working together has to lead to the efficiency of IDT and their high level of innovative products.
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