ASSESSMENT 3: PROFESSIONAL PRACTICE JOURNAL
Collection of information helps in generating the strategy of the company to achieve the clear overview about company journal. In this study, the assessment is based on a pharmaceutical company. The study is underlying upon the information about the company profile. In this part, the study shows the informative contents about the purpose of the company, placement of the company, company's overall budget, structure of the company, mission statement, number of the employees etc. In the second part of the assessment, the study shows the key performance areas including the awareness, motivation, teamwork, decision making etc. The third part of the report has reflected the key learning points that include the summary and recommendation of the study.
- Purpose of Business / Organisation:
ADALTA Limited sells and manufactures biological drugs in the Australian market. It was established in the year 2006. The company is based in Melbourne, Australia. It is a biological drug manufacturing company. The main purpose of this company is to develop AD-114, anti-body drug which can be used for the treatment of diseases like idiopathic pulmonary fibrosis and other fibrotic diseases. The focus of this drug company is to generate the therapy-based protein that is used for the treatment of a range of human diseases. This i-body candidate called AD-114 is used to fibrotic disease that is related to eye fibrosis treatment through pre-clinic programming (Annual and Financial Reports - AdAlta - Developing i-body drugs to treat fibrotic diseases, 2018).
2. Overall Placement within its Industry:
ADALTA ltd is Australia’s one of the fastest growing pharmaceutical companies. It is a company, that is based on its value and creativity. In the year 2016, the company was listed in Australian Security Exchange with the success of increasing range of funds and after this period it has become one of the fastest growing companies in the pharmaceutical industry. ADALTA ltd placed in Fortune 500 company list in the year of 2018. The growing market and an increase in the customer base are indicating the overall developing structure of ADALTA ltd. According to Fortune, it is one of the fastest growing pharmaceutical companies in Australia. Companies like Amgen, GlaxoSmithKline are the competitor company of ADALTA Ltd in the pharmaceutical industries in Australia. In this regard, it is to be stated that the company sells products by considering the cost leadership approach (Annual and Financial Reports - AdAlta - Developing i-body drugs to treat fibrotic diseases, 2018).
3. Structure of the Organisation:
The structure of the company is noted the comprehensive outlook of the ADALTA ltd. there are general managers who maintained the several departments such as Finance, technological and Sales & marketing. Under the technological department, there are three departments engineering department, project department, and procurement department. The engineering department handles site managing and executing are helping in the implementation of strategies. The engineering department of the company conducts consulting planning and designing departments. Apart from this the HR department are there in the company to control and maintain the human resource development and also maintaining the payroll structure of the company (Annual and Financial Reports - AdAlta - Developing i-body drugs to treat fibrotic diseases, 2018).
Figure 1; Organisational Structure of ADALTA Ltd
(Source: Limited, A. 2018)
4. The Number of Employees:
With a huge success and possibilities in the human science the company has achieved a range of skilled employee base in every field over the last several years. The large structure of the company can enhance the number of employees to obtain the sustainability of the company's portfolio. Around 80,000 of employees are directly involved with the ADALTA ltd Company.
5. Company’s Mission Statement:
The mission statement of ADALTA ltd is “ADALTA serves the patients by transforming the biotechnology and science for the therapy in the form of medicines that have the power to save the health and lives” (Annual and Financial Reports - AdAlta - Developing i-body drugs to treat fibrotic diseases, 2018).
6. Company’s Budget:
Company's budget is the key factor based on which company makes the total spending structure throughout the year. In accordance with the annual report of the company, the company had total revenue of $746,948 and $1967680 in the year of 2016 and 2017 respectively. Total expenses of the company were $1910004 and $4800197 in the year of 2016 and 2017 respectively. In accordance with this data, it can evaluate that the business was faced a loss in one year. If the company can make progress in the future period to provide their services and product in a large extent of areas and customers, it is noted that the company can cut the cost of transformation and equipment to make a profit. Furthermore, the company can a progress in their marketing department to bring the information about the new developing technology that will be promoted in the upcoming year. The company can also decrease the cost of expenses of the production in order to generate the profit. In this regard, it is budgeted that the company would make a profit in 2018 and 2019 if it can make a sale of $200,000 in 2018. On the other hand, the budgeted expenses is determined at $150,000 in the said year.
7. Customers profile of the Organisation:
The patients who are suffering from the fibrotic disease are the customers of the ADALTA ltd. In addition to the further progress of the i-bodies named AD-114, it has opened the chances to reach a large number of patients in the market. Further studies and researches of the drugs have stretched the opportunity of biotechnology and hence the number of customers increased by 50%. This new innovative treatment can provide the relief to the patients, thus it indicates a large number of opportunities in the marketplace. The researches and studies increase the number of fibrotic diseases where the i-body AD-114 can be applied to achieve the loyal customer base by providing the best service. It also introduced the orphanage drugs that make the path of market extension in a fast way.
8. Relationship with other Organisations:
As per the annual report of the company, the company has no subsidiary company. In this regard, it is also to be stated that the purchases materials from foreign companies such as the US, the UK, and China. On the other hand, it is also to be mentioned that the companies like GlaxoSmithKline and Amgen are to be considered as the competitors of the company (Limited, A. 2018).
Key Performance Areas
Taking into account, the awareness factor within the pharmaceuticals industry employees motivation can be increased and in the pharmaceuticals industry, awareness of product and awareness regarding sustainable work environment is going to improve their performances. Moreover, the awareness comprises of product design and raw materials that are used in the production of medicine and drugs. Chowhan, Pries & Mann (2017) opined that in order to improve the overall human resource department, increasing the awareness is an important strategy.
Taking into account Maslow's motivation theory employees within any organization gets their motivation from the timely payment of salary, better work environment and attitude of colleagues towards them. Moreover, in ADAlta, employees are in high motivation as the employees get a timely payment of salaries and other issues. Currently, the workplace environment in ADAlta is not facing any serious issues and is in a sustainable position as in this organization respecting the valuation of employees opinion is considered as an ethics. As opined by Berman (2015) maintaining the workplace environment within the organization is the first step towards increasing the knowledge of employees.
Taking into account the teamwork within the organization are going to help in increasing the knowledge of employees and are going to motivate employees as continuous connections among the employees are going to increase. According to Chang & Fraser (2017), most of the organization must improve the teamwork conception and should implement them with proper strategies. Most of the organization in Australia has given focus on building strong teamwork and through taking this strategy; they have developed the knowledge sharing.
Strong collaboration among various departments of an organization helps in the development of the efficient level of production and is helpful in the development of new and innovative ideas that are going to help in the development of the sharing of knowledge and process in solving any problems. Moreover, taking into account, strong collaboration is going to help in improving the skills of employees by incorporating learning by doing strategies. Moreover, taking collaboration are going to help in the development of behaviours of employees.
- Problem Solving
Khan & Terziovski (2014) opined that taking into account, the intellectual capitals in the form of human resource department are going to help in the development of organizational performances and are going to increase the decision-making abilities of the employees. Moreover, understanding the root of any problems and deriving its solutions are going to improve the position of any market based on the performances and are going to increase the competitive advantages within the industry.
- Decision Making
Decision-making techniques within an organization are going to improve within an organization and taking into account a better environment within the workplace is helpful in taking into crucial decisions. Moreover, taking the decision to build i-drugs are going to cure lots of diseases and are going to help the mankind and are going to help in the development of society and are going to help in the improvement of the total organizational performances.
Key Learning and Initiatives
- Formal Record and Summary of Key Learning
Making a better relationship with any organization are going to help employees in getting major knowledge within an organization and are going to improve the knowledge of employees and as well as whole organizations. According to Yoon, Rosales & Talluri (2018) developing the interpersonal relationship with an industry are going to establish strong comparative advantages both within departments and within industries. Moreover, taking into account key learning and predicting the future consequences of these strategies in the future are going to help in the development of strategies that are going to drive the long run growth of an industry. Improving the awareness and collaboration among team members are going to increase their productivity and are going to help in the overall growth of ADAlta. Moreover, it can be seen that taking into account sustainable policies are going to help any organization in improving their production rate, are going to introduce better objective oriented growths, and are going to induce better utilization of rare resources.
Implementing strong and improved communication is going to improve the problem-solving abilities and decision-making abilities of workers. Zamzami & Schiffauerova (2017) opined that in order to imply better utilization individual collaboration are necessary and are going to improve the employees' motivation and other factors that are going to use rare resources. Better collaboration is always helpful in defining and understanding the capability of individual employees.
- Implementation of the Initiative in Workplace
Taking into account better initiatives are going to have a strong impact on the policy design of this organization and are going to improve the workplace environment that in turn is going to increase the motivation of employees and productivity are going to increase. With better implementations in the workplace environment are going to improve the overall scenario of any organization, are helpful in determining the decision-making abilities of employees, and can take crucial decisions in crux time. Moreover, with the implementation of better resources are going to utilize the rare resources in an efficient way. However, following an initiative in the workplace are going to help in the development of leadership skills that are going to improve the overall performances of the organization. Improvements in the better utilization of resources are going to have a deep impact on the market position and are going to increase competitive advantages in the market.
It can be concluded that in order to improve the performances of any company, the development of teamwork and the establishment of collaboration are an important stage. Building up a relationship with the organization is not only going to make use of rare resources but also are helpful in improving the knowledge of employees by increasing the collaboration among them and helps them in taking strong decisions during crucial problems. Since Alta is working in the pharmaceutical industry and continuous innovations are required in the design of the products and using the raw materials in an efficient manner and reducing long-run production cost is the main objective of this organization.