Intro 0:00
Many aspire to reach the upper echelon of the healthcare industry, but few are able to successfully navigate the corporate ladder. C-Suite Partners sits down with international healthcare executives, asking the tough questions and unpacking the personalities of the top industry leaders. Welcome to the Boardroom.
Michael Murray 0:35
Valerie, thank you so much for joining us for “In the Boardroom” with C-Suite Partners. I’m sure all the viewers at home would love to understand a little bit about your career and what you’re doing here in Singapore.
Valerie Lau 0:45
So I’m Valerie Lau, and I’m currently the Chief Commercial Officer at Lotus Pharmaceutical, and I’m responsible for the entire Asia Pacific region.
Michael Murray 0:53
And can you tell me a little bit about what Lotus actually does?
Valerie Lau 0:57
Lotus did start up as a pure 100% generics play, 100% Taiwan business. But where we are today, it’s really a hybrid business. So, if I look at where we are today, within Asia Pacific, which is my remit, 50% of our business comes from branded business.
Michael Murray 1:17
Right.
Valerie Lau 1:17
And it goes across countries like Korea, Thailand, Taiwan. So, it’s gone way beyond. Of course, we do have the B2B business in export. So it’s really evolved. And the leadership, the four C-suite leaders are from Iceland, Bulgaria, Singapore and Canada. Canada, yes.
Michael Murray 1:41
Okay, and do you feel given they are from different countries, different management styles, different views on the world, does that help you do your job a lot better?
Valerie Lau 1:52
What I like about this setup is, so for the record, whilst we are a so-called Taiwanese-listed company, we have people operating in about 40 different cities.
Michael Murray 2:03
Okay.
Valerie Lau 2:04
Yes, and it goes beyond Asia Pacific, which is quite strange as well. But what I like about it is, because of it, you are not limited, number one, by the resources that you have, even the time that you need to spend on certain projects. So sometimes, in the mornings, I remember I used to call my legal counsel based in Malta. You know, 12:30pm my time, it’s really early for him. But I’ll call and say, “Hey Edin, are you free?”. And we’ll talk. And because of that, what I’ve noticed is there’s no one set perspectiv, and there’s also no one timeline. People here move very fast, because in today’s time and place, you have to.
Michael Murray 2:47
And what is your background in terms of education?
Valerie Lau 2:50
So, I have a degree in business in Singapore
Michael Murray 2:50
Okay, and what university did you go to?
Valerie Lau 2:56
Singapore University, Nanyang Technological University
Michael Murray 2:59
Fantastic. Regarding that particular degree, do you think you’ve adapted those learnings into your role or do you feel that 90% of it has come from on the job experience?
Valerie Lau 3:12
What the education system does for you, it’s for you to learn how to learn, when to say, “I don’t know”, and find the answers. A lot of the education system I’ve seen tells people how to find the right answer. But in today’s time and place, there is no one right answer. It’s about understanding where things are, of trying, right. Learning opportunities fail and try to find something that is the most appropriate. Which is also why sometimes some Asians don’t do as well because we’re so used to, we’re bought up to be a really “A” star student.
Michael Murray 3:55
Yes.
Valerie Lau 3:56
You have to find the right answer. This is how you write this, this is how you answer. But in the real world, there’s no right answer. There’s only the best answer based on relevant data that you have, and you have to go faster.
Michael Murray 4:08
How do you manage your team in those types of situations where, every executive has been through it, every business owner has been through it. You’re seeing month after month of loss, and you need to be a leader and say, “Hey, we’ve got this. It’s under control”. But now it’s three or four months of that happening. Is your leadership style to be transparent on the situation that we’re currently in? Because you want people, as an executive, you want people to understand. You understand the pressure, what’s at stake, and that everyone’s got to pull up their socks, so to speak, and start working really, really hard to get us what we want to do. But also, you don’t want to create fear, and panic, and uncertainty. How did you approach that situation, or what did you learn from that?
Valerie Lau 5:00
It depends on the company culture. So that’s the first thing.
Michael Murray 5:02
Okay, that’s a good point.
Valerie Lau 5:03
Some companies they celebrate setbacks as in they know, okay, so long as you learn, you can move on. In some companies they don’t. So times like that, what I always set as a guiding principle or compass, is the first you have to be transparent. The team needs to know that how much the company has invested. You can’t be telling them, “Good job,” when things are not well. But having said that, leadership has to be about stewardship. You have to also be the buffer from the pressure. And leaders are paid more, not because we have bigger titles, but because we need to learn how to filter the pressure. But at the same time, you have to eliminate the fear. Because when there’s fear, the mind doesn’t think what’s best for the organisation. It thinks of self-preservation.
Michael Murray 6:04
Yep.
Valerie Lau 6:05
So this point about transparency, which is critical, but the other point is about creating this psychological safety net that people know that if I really didn’t do it and I had a setback, Valerie would be there. She will be the first to be… I always tell my team, guys, let’s run for it. Do it to the best of ability and if we really fail, I’ll be the first on the firing squad.
Michael Murray 6:32
I’m interested in what advice that you would give females in leadership, especially within Asia, because you just talked about fear a little bit. How have you navigated that, and what advice would you give to females in leadership?
Valerie Lau 6:45
The best advice I’ve ever had was from a male boss, so that’s really funny. And he told me, I was asked to take on a regional leadership role, and I said to him, I said, “Hey, I’ve only been a country GM, right? And in regional marketing. This is a P&L role. I don’t know.” The advice that he gave me, which I summarise very quickly, don’t wait to feel you’re ready. You will never be ready. Just learn, just learn, and adapt along the way. We we shouldn’t get permission to grow. We shouldn’t get permission to succeed. We should just, when you’re very focused on doing your best, regardless of whether you fail, you succeed. These are learning moments, and we grow, we go on in life. And that male boss who told me this, I think he pivoted me to a different area, and which is why I’m comfortable taking on generics, oncology roles now. You just realise that you always have things you learn from your team, and you move on.
Michael Murray 7:58
Valerie, thank you so much for taking time with myself.
Valerie Lau 8:00
Thank you.
Michael Murray 8:01
And it was great to meet you.
