Question One: Please introduce yourself, including what you do.
Hello, my name is Jigar Thakkar. I am currently a Managing Director in FTI Consulting’s Health Solutions segment. I am PharmD by background and in the process of completing an Executive MBA at Northwestern’s Kellogg School of Management. In my work, I help hospitals and health systems transform their pharmacy business to one that helps hospitals achieve clinical and financial goals. In additions to hospitals, I also work with pharmaceutical business clients across many industries, including retail, specialty, infusion, and distribution.
Question Two: What are your top 3 tips for successful business growth?
1. Contrary to the traditional belief that says doing more in new markets, acquiring more companies – leads to higher top line revenues and profit, I have been taught and have learned from experience that business growth really comes from doing less and being more focused.
2. Business growth in my opinion is much more about execution than strategy. I believe this is especially true in the current environment where the age-old idea of strategy being something at the center of the company isn’t exactly working and businesses need to learn to shift their strategy quickly and often based on market disruption that seems to be happening at a faster rate than before.
3. I believe business growth can only be truly sustainable if the business is making a true impact through its offering. Businesses that are not providing an impactful product may grow for a shorter period of time but the laws of nature will catch up and the business will not succeed. Leaders must focus and regularly evaluate their product’s impact.
Question 3: Is the economy moving in the right or wrong direction?
In my opinion, this is the perfect case of it depends on the eye of the beholder. Third quarter GDP increased by 3.5% whereas second quarter had increased by 4.2 percent. Personal income and jobs are doing well, real-estate is headed downwards, and trade-deficit is actually increasing contrary to popular belief. Consumer confidence in terms of spending money I believe is high right now but confidence in the stock market is low. Overall, really a tale of two economies and it really depends on what angle you are looking at it from. We have been economically doing very well for quite some time now and are used to it and so any downward movements will be more alarming to us than they normally would be.