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:
Strategy - Create a list of experiments and procedures along with a deadline of completion beside it.
- require that important equipment be signed out so that if it goes missing you can track its whereabouts can be tracked
Objective - To obtain $1.5 million - $2 million in funding
Action Plan - create a newsletter containing information on what Vertoxin is all about
- try to get coverage in newspapers/scientific magazines when any advancements are made
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