C-Suite Partners

Abrar Mir Part 2 - CoFounder & Managing Director - Quadria Capital

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Transcript

Intro  0:13  
Many aspire to reach the upper echelon of the healthcare industry, but few are able to successfully navigate the corporate ladder. As Asia becomes the world epicenter of the healthcare industry, 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.

Intro  0:36
Previously, on In The Boardroom

Abrar Mir  0:37  
We firmly believe that the global center of gravity of the healthcare industry is moving very rapidly from the west to the east, in little less than 10 years total healthcare spend in Asia is going to be about $4.3 trillion, or that number that’s larger than the entire US and European healthcare spend combined today.

Michael Murray  1:01  
Your Business has gone through some significant change in terms of growth. How do you manage that?

Abrar Mir  1:06  
Look, I mean, managing growth is a daily activity when we’ve got to keep our eyes very clearly peeled on the company’s specific circumstances. Asia is going through phenomenal growth. We as an investor don’t make money unfortunately, from global trends. If we did, you know, it’d be much easier, we’ve got to make money, we’ve got to create businesses that are based on very specific circumstances on a very specific business where challenges are immense. So each day, we’ve got to think through strategies that will evolve over time, and think through ways in which we can actually deliver the best health care at an affordable price, and yet still make it commercially viable. Combining profit with purpose is a very important mission. 

Michael Murray  1:48  
What about your methodology of managing risk? Obviously, you’d be doing that quite a lot in the investment banking days, has that changed now and your position?

Abrar Mir  1:56  
Absolutely. So we manage risk at every level. And, you know, I think the most important way to manage risk is to understand the core skill, the core business proposition that each healthcare business brings, there’s always a core strength that the business starts with, whether it’s the management team, whether it’s the brand, or it’s the market share, whatever it is, defining that core strength is the beginning of any defense, because you’ve got to then protect that core skill, you’ve got to protect that core strength and build from that. I think one of the big dangers of getting caught up in this tsunami of growth that we’re seeing in Asia, is that you want to be everything to everyone and you want to capture growth wherever it comes from. So ensuring that you understand what that core strength is building on that core strength but never forgetting that core strength is for our from our perspective, the first step towards risk protection.

Michael Murray  2:52  
And what do you look for with regards to your team of executives? Are there a specific skill set or attributes that you look for every time?

Abrar Mir  3:01  
Look, I think the most important thing that we really look for is someone who has an ability to be able to think through difficult times, someone who is a self-starter, it’s very important for the executives that we work with, for them to have a very clear mind about how they would like to execute their business plans. And honestly, when it comes to Asia, and when it comes to the healthcare opportunity, it’s really all about execution. It’s not really about mapping out the future. It’s not about the theory. It’s really all about execution. So people that have a very clear mindset of how they’re going to execute, how they motivate their teams, and how they bring everyone else along towards a very clear execution pathway is an exceptionally important criteria that we look for.

Michael Murray  3:46  
What about in terms of being an investment banker, to a founder of a business? Is there a massive disparity between you know, the responsibilities, you know, the way that you see business?

Abrar Mir  3:59  
I’d say being a founder and being an investment banker is a stark difference. I think the opportunity that I had, however, as an investment banker was to spend a lot of time with entrepreneurs with founders that were immensely successful. So it gives you an opportunity to really absorb much of that skill set, absorb much of their learnings, and that’s that was hugely helpful. But at the end of the day, as a banker, my role was much more as an advisor, I was never the guy with the full responsibility to execute with the responsibility to think through a pathway as a founder, the risks are much greater. But I believe over the long term, the rewards, hopefully in terms of building, you know, larger platforms in terms of actually building something sustainable, is also much greater. So, therefore, the rewards of trying to execute what you think ultimately is the right pathway is in itself a rewarding exercise.

Michael Murray  4:55  
Have you had a mentor throughout your career that’s been you know, common theme for you, or have you looked to peers the whole way along?

Abrar Mir  5:04  
You know, I’ve been very fortunate to work with some exceptional people. When I began my career on the dark side as a healthcare investment banker, I work with two exceptional individuals, a guy called Bill Costello, and then a gentleman called Awar Forfard for both taught me a lot of things. But I think the most important thing they taught me was get things right the first time, okay, which was very important. And I think right now, I am very fortunate to work with an exceptional individual each day, and that’s my partner, Dr. Amet Varma. He is the Yin to my Yang. He teaches me everyday, how did I really still understand about healthcare? So I enjoy that relationship very much. And I’m very fortunate to have a partner that close, who really understands the full dynamics of healthcare,

Michael Murray  5:52  
And how do you what your career legacy to be remembered?

Abrar Mir  5:55  
Look, I still think as far as the legacy is concerned, is a long way for us to go. And for us to really continue to make a difference in societal change. I work with some very established organizations, some very talented individuals, and all of us are committed to what we think is a very important theme and cause. So as we touch many more lives, I hope that that legacy sustains. At a very personal level, though, I will say that my legacy is focused around the people that I work with, and in particular, my children, and I hope that I can leave them with at least some thoughts. And those are first, integrity. Number two, never underestimate the joy and the power of hard work. And number three, determination no matter what the odds are.

Michael Murray  6:42  
Abrar, thank you for spending time with us. We partners in the boardroom. 

Abrar Mir  6:45
Thank you