Narendran's Dilemma
Essay by Kavya P • June 27, 2017 • Case Study • 998 Words (4 Pages) • 1,188 Views
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Table of Contents
- Executive Summary
Highlights
Objectives
Mission Statement
Keys to Success
- Situational Analyis
- Decision Problem Statement
- Criteria for decision Making
V. Aletrnatives
VI. Evaluation of Alternatives
VII. Implementation with contingency Plan
Executive Summary
Dr. Narendran, director of IMC has 32 years of experience in medical line, despite having such a remarkable career he has never explored the area of commercialization or protecting Intellectual Property i.e. patenting. One of his colleagues, Dr. Ramkumar, Associate Professor of Pharmacology Department, had come with a proposal of patenting herbo-mineral Siddha formulation. Dr. Narendran was baffled about the course of action to be taken for Dr. Ramkumar's request. After assessing the situation carefully , he opts for patenting as that would be fruitful in the long run. It would also prevent other researchers from discovering similar formulations, patent it, and restrict them from using their own formulations. Moreover, patenting would give a boost to other ongoing research activities around in IMC. On the basis of available criteria's, he goes for patenting and selling the formulation to an entrepreneur and earn royalty. This approach would not only maximize profit with minimum available resource but would also help Siddha system gain worldwide recognition and preserve the indigenous flavor of a medicinal system exclusive to India.
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Submitted by – Sunny Tripathi, Vimal Modi , Jyoti Sharma, P.Kavya, Sunit Khupse |
Situational Analysis
The decision to be taken has wide implications. The authenticity of Dr. Ramkumar's legal form needs to be reaffirmed and also the data provided by him needs to be validated. The complexity involved in the procedure of patent have to be studied. The course of action needed to be taken after patenting should be pondered upon. The extent of benefit of patenting to the organization has to be studied. The effectiveness of the medicine and its acceptance worldwide needs to be calibrated.
Decision Rule
The decision rule opted should fulfill all the four criteria's entirely and the 5th criteria of short term benefit has to be satisfied partially. The cost benefit analysis rules out all the first 3 options. The option of selling out the patent doesn't satisfy the criteria of long term benefit. The third resource of self-marketing doesn't satisfy the condition of optimum utilization of resources. So, the most conducive option that satisfies all the criteria would be to outsource the patent to a third party and earn royalty amount.
Objective
The principal objectives of the decision are to procure financial benefits and reward the faculty members of IMC by inducing a future of self-accomplishment. The intent is to seek worldwide recognition of Siddha as a traditional system of medicine.
Problem Statement
How should Dr. Narendran respond to the request put forward by Dr. Ramkumar to patent Siddha formulation?
Criteria for evaluation in decreasing priorities
1.Return on Investment
2.use of minimum resource (money, time, information, skill and HR)
3.Motivation,
4.Long Term Benefits
5.Short Term Benefits
Alternatives available to us
1. Dr. Ramkumar’s request of patent - accepted or rejected.
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