BIOCON - Media - FAQ, Kiran, Biocon's History, Challenges, IPO, Future, Global Markets, Success, Wealth, Biotechnology

Kiran on the setting up of Biocon:
“I set up Biocon in 1978 years ago in the garage of my rented house in Bangalore. In fact the garage doubled up as my office. I had to make the most of my available resources and started with Rs. 10,000 in the bank.”

What prompted her to set up Biocon
“I wanted to join medical school and when that did not happen I took up biology instead. And that led me to specialise in brewing. But when I was not accepted as a brewmaster in India, I turned to biotechnology in a very accidental manner.

Challenges faced
“My challenges have evolved along with the evolutionary growth of Biocon. Initially, I faced credibility challenges: my youthful age, my gender and my unfamiliar business model posed enormous obstacles. Funding was not easy to come by either. No bank wanted to lend to me, no professional wanted to work for me and it was tough to even do business because women were considered "high risk" in the business world. Once I overcame these, I had to face technological challenges of trying to build a Biotech business in a country where the infrastructure was too primitive to support a high tech industry like Biotechnology that was so dependent on uninterrupted, high quality power, high quality water, sterile labs, imported research equipment, advanced scientific skills etc. Today, our challenges address those posed by new medical wisdom: addressing unmet medical needs, researching new drugs, new drug delivery systems and new therapies. Overcoming each of these phases has been a rich learning experience that has helped us to develop world-class expertise in Biotechnology. Currently my challenges are about growth and managing a large company and managing investor expectations like any other CEO.”

Reasons for the IPO
“It was evident at the time of our IPO that in order to develop our pipeline of research programs, we would need to access capital markets. Our ability to generate profits from our services and products businesses gave us the confidence that we could support our growth and provide shareholder value.”

Number of Employees
6700+

Future of Biocon and what will trigger this growth
Biocon is devoted to building cutting edge capabilities, global credibility and of course building global scale in our manufacturing and marketing capabilities. We are on our way to making Biocon a global biotechnology enterprise and my dream is to see both India and Biocon being ranked amongst the top league in the Biotech sector. We are already geared to attain global scale. We have Asia's largest Insulin facility and Statin facilities. We are also the largest perfusion based antibody production facilities in Asia. Our ambition is to be among the top 10 Biotech companies globally.

About Kiran Mazumdar Shaw

Why she chose Biotechnology
“It is a rare subject to specialise in, especially for women. I actually wanted to join medical school and when that did not happen I took up biology instead. And that led me to specialise in brewing. But when I was not accepted as a brew master in India, I turned to biotechnology in a very accidental manner.”

Secret of success
“Success is about pursuing a vision with a sense of purpose and a spirit of challenge. There are no short cuts to success and there is no substitute for hard work. I also believe success is about doing things in a differentiated way - dare to be different so that you stand out. Biocon's byline is ‘The difference lies in our DNA’ and we all believe in it. We don't imitate other companies but have chartered our own business destiny.”

What wealth means to her
“I believe I have created intellectual wealth from very frugal resources and that is what I am acknowledged for. I do hope I can inspire ordinary people to build enterprises from very little monetary resources but a rich mind to succeed. I am proud of having created a valuable organization and that is the wealth I am proud of. Biocon is really about building intellectual wealth and not about creating material wealth. It is the opportunity that the company has provided to hundreds of scientists that matters to me.”

Importance of family support for success professionally
“It is important to have family support and co-operation to succeed in one’s career. For women especially, balancing home and work life may become difficult without adequate support from the family. Whilst it is true that I was single when I built Biocon, the real growth came when I got married. My husband has played a vital role in our success today.
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Women at the workplace
“Knowledge does not have a gender divide - women scientists, women engineers, women writers have enormous opportunities to excel and succeed. At Biocon we do our best to ensure gender sensitivity issues are addressed. Women are encouraged not to come at odd hours in the night and if women have to travel to interior areas of the country a male escort is provided. Biocon has a fully equipped creche that enables employees to have their children cared for while they pursue their careers at the work place. These considerations take care of employee apprehensions. However, I am not the kind of person who will appoint women for the sake of their gender but for the role they play.”

Indian women in Business
“Indian business women are making their mark in diverse fields from Banking to Biotechnology. I see Indian women being an increasing tribe of high performers across the globe. Women have realised that they can be as successful as their male counterparts and with encouragement, achieve any success. In order to be successful, Indian women need to develop a sense of self confidence, a sense of determination and a willingness to work hard. One should not be demotivated by failure but learn from one's mistakes. A sense of overall perseverance is very essential.”

Comments on being a role model for women
“Women need to be encouraged to participate in the economic mainstream and I feel pleased if I can influence this participation by being an ordinary middle class Indian woman who could succeed in a male dominated business world. If I can inspire confidence in women to follow my example, I feel gratified.”

Most influential Person in her life
“My late father, RI Mazumdar for he made me believe that scientific knowledge is hard currency. Not everyone has this intellectual asset. He also encouraged me to pursue a career by applying my knowledge in a gainful manner. He believed that women who did not utilize their education in a meaningful manner had in essence destroyed valuable intellectual capital for the country. I followed my father to take a master's brewing degree in Australia after graduating in zoology in Bangalore, and later co-invented a unique fermentation device that allowed me to apply my knowledge in an innovative manner. My father was the one who gave me the confidence to start Biocon”.

Role Models in her life
“I have drawn inspiration from several people at each stage of my life: My father, My Irish collaborator with whom I started Biocon, Mr. Vaghul Chairman of ICICI who bet on my technology and financed my first large fermentation project, Prof. Mashelkar, D.G. CSIR who endorsed my R&D focus and made me believe in Intellectual Property, My husband who invested in me in every way, Dr. M.K. Bhan, Secy, Department of Biotechnology who is helping to build a strong Biotechnology capability in the country, Dr. Devi Shetty who has inspired me in terms of a new healthcare approach for the masses and of course my team who inspires me every day to build a company that will truly be a torch bearer for Indian Biotechnology.”

Women who inspire her
“I am truly inspired by women of courage and conviction in the business world who have broken glass ceilings, gained the respect of the corporate world and made a big difference to their companies by changing the gender mindset that unfortunately still exists in the so called intellectual arena. I would like to especially pay a tribute to Indian women in the corporate world like Indra Nooyi, Naina Lal Kidwai, Shikha Sharma, Swati Piramal, Anu Agha, Mallika Srinivasan, the ICICI trio and many others who are helping to build a new India where women can hold their heads up high.”

Turning point/tipping point
“When I was not accepted as a brew master in India. That changed my life and I turned to biotechnology in a very accidental manner. In hindsight, I am grateful that the brewing doors shut on me and I set up Biocon instead!”

Personal best
“Being chosen for the Padmashri (1989) and PadmaBhushan (2005) I consider this as recognition of the potential and promise that Biotechnology holds for our country.”

Professional high
“Pressing the button at the National Stock Exchange when Biocon was listed in March 2004. Biocon closed Day One of listing on the bourses with a market value of $ 1.1 billion, to become only the second Indian company to cross the $ 1 billion mark on the day of listing.”

Advise to budding entrepreneurs
“If you have a vision, a plan and the conviction, you should follow it and success will come to you. Biocon is testimony to a vision that a team of like-minded people with the same drive to excel can achieve.”

Importance of CSR activities
“I sincerely believe that it is important to give back to society - the very society that has allowed us to attain the heights we have. At Biocon, our efforts extend beyond the realm of biotechnology through our community-support initiatives and corporate citizenship programmes. We recognise our responsibility to India - her health, education and environment. Our particular focus is on child welfare as we realise the importance of investing in children, to positively impact their future. Biocon Foundation has been established with the aim of identifying and implementing projects that will impact the social and economic scenario in the country. The main focus areas of the Biocon Foundation are providing quality healthcare and health education for the betterment of Indian society. “