The story of Rakesh Shah is a compelling one of evolution and leadership. Though he began his career in finance and operations, areas seemingly distant from the medical field, he used these experiences as the very bedrock to his innovative approach to healthcare.
Shah’s ability to translate skills from finance into effective healthcare strategies and his dedication to continuous learning and operational excellence have driven significant advancements in patient care and helped his organization – Merck Healthcare – make rapid strides in the sector.
In an interview with Business Frontier, the dynamic Director of Merck Healthcare, shares insights on his transformative journey from finance to healthcare, highlighting his approach towards leadership and market changes.
Q. Please give us an overview of your journey in the healthcare sector, coming from a non-science background.
My journey began over three decades ago in a non-science background, presenting challenges and unique opportunities. Despite starting in various fields of finance, administration, and operations, I embraced a continuous learning and development approach to master the complexities of healthcare. My initial roles involved understanding supply chain management and patient services. My VUCA leadership, proactive approach, operational excellence, and ownership of responsibilities led me to take on roles of increasing influence.
This background gave me a fresh perspective, enabling innovative solutions and a creative approach to problem-solving. Building strong cross-functional teams and driving operational excellence were crucial aspects of my career, which has been marked by a relentless pursuit of delivering value and advancement in the healthcare field.
Q. What are the most rewarding and challenging aspects of your career?
The most rewarding aspect of my career is the profound impact it has on people’s lives and the hope it gives them. Seeing how our efforts improve the patient’s health and elevate quality care is incredibly fulfilling. I also experience a deep sense of accomplishment by contributing towards advancements in healthcare and driving sustainability-focused projects.
The biggest challenge lies in navigating the healthcare industry’s constant evolution— regulatory changes, technological advancements, and shifting patient needs. Adapting while maintaining high standards requires continuous learning and agility. Managing cross-functional teams and harmonizing diverse perspectives in a fast-paced environment also presents challenges. Despite these hurdles, the rewards of making a positive difference and advancing healthcare far outweigh the difficulties.
Q. How do you foster leadership development within your team?
Fostering leadership development involves several strategies such as:
- Empowerment and Delegation: Giving team members the opportunities to lead projects, helping them build confidence and decision-making skills
- Mentorship and Coaching: Sharing my experiences and offering guidance to help team members navigate challenges and enhance their leadership abilities
- Continuous Learning: Supporting ongoing education through workshops, training, and relevant certifications
- Setting Clear Goals: Collaborating with team members to set actionable goals aligned with their career aspirations and organisational objectives.
- Encouraging Innovation: Creating an environment where team members feel comfortable proposing new ideas and taking initiative
- Providing Feedback: Offering regular, constructive feedback to highlight strengths and areas for improvement
- Building Collaboration: Promoting teamwork to allow members to learn from each other and develop leadership qualities
- Decision Making and Risk Taking: Helping leaders to perform under pressure and make calculated decisions
These strategies can help cultivate capable leaders who drive success within the organization.
Q. How do you keep abreast of the changes in the market?
Staying updated on market changes involves a multifaceted approach for me:
- Industry Publications and Reports: Reading industry journals and reports to stay informed about trends and regulatory changes
- Networking and Professional Associations: Attending industry conferences and being active in professional associations provides diverse perspectives
- Market Research: Conducting regular market research to understand shifts in consumer behaviour and competitive dynamics
- Engaging with Thought Leaders: The following industry thought leaders on social media and through webinars for cutting-edge ideas
- Collaboration with Internal Teams: Engaging with R&D, marketing, and sales teams to gather insights on market trends and customer needs
- Customer and Client Feedback: Seeking regular feedback for insights into real-time market needs and preferences
- Continuous Learning: Committing to lifelong learning through courses and certifications to stay informed about new methodologies and technologies
I stay well-informed and responsive to the evolving market landscape by leveraging these strategies.
Q. According to you, what changes will the healthcare sector witness in the coming years?
Looking ahead, the healthcare sector is poised for several transformative changes. The advancement of digital health technologies, including telemedicine, artificial intelligence, and data analytics, will significantly enhance patient care. These innovations promise to improve diagnostic accuracy, streamline operations, and offer more personalized treatment options.
Additionally, there will be a shift towards value-based care, focusing on improving patient outcomes and reducing costs rather than simply increasing the volume of services provided. Healthcare organizations will also need to adapt to evolving regulatory standards and heightened emphasis on sustainability, incorporating new practices and meeting stricter environmental and ethical expectations. Furthermore, as patients become more empowered and consumer-driven, there will be a growing demand for greater transparency and engagement in healthcare processes, fundamentally reshaping interactions between patients and providers.
Q. How do you maintain a healthy work-life balance?
Maintaining a healthy work-life balance is crucial for long-term success. I set clear boundaries between work and personal life, ensuring time for family, hobbies, and relaxation. Effective task prioritization and delegation help manage workload and prevent burnout. I use time management techniques and schedule regular breaks to recharge. Flexibility and open communication with my team about availability support a balanced approach. Additionally, I invest in personal wellness practices like exercise, yoga, meditation, and badminton to stay centred and focused. By integrating these strategies, I achieve a harmonious balance supporting career and personal fulfillment.
Q. What advice do you have for budding professionals entering the industry?
For newcomers in the healthcare industry, I recommend to:
- Cultivate Knowledge and Adaptability: Build a solid foundation of knowledge and stay adaptable, as the field is dynamic and ever-evolving.
- Focus on Continuous Learning: Stay curious and committed to ongoing learning through various resources.
- Build Relationships: Network within the industry to gain diverse perspectives and opportunities.
- Develop Skills: Focus on both technical and soft skills, including leadership, communication, and problem-solving.
- Adapt a Patient-Centred Approach: Embrace a patient-centred mindset and strive for excellence in all aspects of work.
- Take Ownership: Be accountable for your contributions and align with organizational goals.
- Remain Resilient: Navigate the complexities of the sector with flexibility and perseverance.
Balancing these elements will help them excel and make a meaningful impact on the healthcare industry.
Q. What philosophies and values drive you to success?
I believe in paying attention to thoughts as they become our words, which in turn become our actions and habits. Our habits subsequently become our character and our character finally becomes our destiny.
As far as values are concerned, I follow the values of honesty, authenticity, integrity, and love.
