DNA Mumbai Anniversary: Kiran Mazumdar Shaw - A role model for aspiring entrepreneurs

Kiran Mazumdar Shaw, CMD, of an Indian biopharmaceutical company Biocon, today is a role model for aspiring women entrepreneurs. She broke stereotypes and the glass ceiling, in more ways than one. In pursuit of her goals, she ignored convention to start Biocon way back in 1978. In those days, women were not perceived as good entrepreneurs and biotechnology was unheard of as an industry. However, as success stories go, Kiran Mazumdar Shaw is quite the trailblazer.

Banks had a patronising attitude towards women, and typically set aside a paltry amount for anyone applying for loans. Also, low-risk ventures based on services and generic drugs were typically favoured, and there was a clear aversion to innovation-led businesses such as biotechnology.

Banks were reluctant to lend her financial support and demanded that her father stand guarantee for her. She strongly opposed the idea. Some banks offered her credit under special category, which equated her to ‘disabled’ or SC/ST categories, which again she was opposed to.

However, the strong-willed lady refused to allow such setbacks to deter her from reaching her goals. She was driven by the vision of creating a business that would leverage science for the benefit of the society, through affordable innovation. The breakthrough came when at a wedding reception, she met a branch manager of a public sector bank, who agreed to sanction Biocon’s first loan.

Initially, she focused on making industrial enzymes, exploring ways in which polluting chemical technologies could be replaced with eco-friendly enzyme technologies. ‘”Having attained success in enzymes, my mission changed from ‘green the world’ to ‘heal the world’. I leveraged my knowledge of biotechnology to try and disrupt the healthcare industry by introducing affordable biopharmaceuticals for patients who needed them the most,” she said.

Since then, she has never had to look back, as public and private sector banks were more than willing to sanction her loans for further expansion.

She harnessed India’s low-cost talent and innovation base, and forged her way through the market by strategic research and marketing partnerships that helped Biocon develop and provide access to affordable therapies for the masses. An innovation-led business strategy enabled Biocon to emerge leaders in several segments, leveraging its IP for market differentiation. The growth of Biocon from an enzyme manufacturer to insulin producer, to a leader in differentiated biopharmaceuticals is based on the paradigm of driving affordable innovation.

“We carved out our own path, keeping in mind the challenges in healthcare, faced by developing countries like India, and with the realisation that without affordability, medicines would not reach patients. Our products were developed keeping this in mind – from statins and insulin to novel antibody drugs, and have changed the lives of several thousand patients. By leveraging innovation, differentiated technologies and a high quality scientific talent pool, I was able to create a world-class, agile organisation that is today recognised as a credible global biopharmaceuticals player,” she said.

Turned Odds Into Opportunity:

She ran into roadblocks, went around them and knocked them down. Recruiting was a big challenge as she could not get people to join Biocon, being a woman-led startup, and prospective candidates were looking for ‘stable’ jobs in an established company, led by a man. She recruited some interesting and like-minded people, who were willing to take the leap of faith with her. Aware that a single person cannot ensure the success of a business enterprise, she built up a strong management team.

“Biocon today has grown into an over 10,000 strong family. We attract the best talent from India and overseas, as we are highly regarded by the local and international scientific community. Our standing as India’s most preferred biotech employer is understood by the fact that Biocon is the only Asian biopharmaceutical company to feature in the prestigious science magazine’s list of Top 10 biotech and pharma employers globally since 2012,” Mazumdar Shaw said.

Further, she needed to navigate many infrastructural hurdles and technological challenges. Enzyme manufacturing for industrial application involved sophisticated fermentation procedures, which demanded abundant good quality water and uninterrupted power supply for precision and control. In the early 1980s, power supply was erratic at best, there was little access to superior quality water and importing high-end research equipment was difficult due to procedural hurdles. “We laboured hard and long to tackle this problem and ultimately succeeded in indigenously developing the innovative solid state fermentation technology, which offered considerable savings in terms of equipment, floor space, energy and manpower,” she explained.

Subsequently, the company leveraged patented technology to emerge as India’s largest enzymes manufacturer and exporter. Its R&D in enzyme technology was recognised internationally and later the company sold its enzymes business to Novozymes in 2007. Biocon was among the early movers in developing a portfolio of fermentation-derived statins, which gave the company leadership position in this segment. “In 2001, we received the US and worldwide patents for our PlaFractor technology, which enabled us to enter the marketplace with many of our products, earlier than many others, and compete effectively. Over the years, we were able to systematically leverage our expertise from small molecules to recombinant proteins to antibodies to make a global impact,” she said.

Biocon also weathered regulatory challenges, incorporated global best practices and nurtured a pool of highly-talented scientists, who were experts in regulatory science.

As the saying goes, to get ahead in business, you might have to play nice. But to make history, you have to take risks. Mazumdar Shaw took risks and defied conventions to make a difference. 

— Sanjay Jog