#49/100 in #100extraordinarywomen
Kiran was born to Gujarati parents in Bangalore, India. She went to school at Bangalore's Bishop Cotton Girl's High School, graduating in 1968. She then attended Mount Carmel College, Bangalore, a women's college offering pre-university courses as an affiliate of Bangalore University. She studied biology and zoology, graduating from Bangalore University with a bachelor's degree in Zoology in 1973. Kiran hoped to go to medical school, but did not obtain a scholarship. Her father, Rasendra Mazumdar, was the head brewmaster at United Breweries. He suggested that she study fermentation science, and train to be a brewmaster, a very non-traditional field for a woman. She went to Federation University (Formerly known as University of Ballarat) in Australia to study Malting and Brewing. In 1974 she was the only woman enrolled in the brewing course, and the top of her class. She earned the degree of master brewer in 1975. She then worked as a trainee brewer in Carlton and United Breweries, Melbourne and as a trainee maltster at Barrett Brothers and Burston, Australia. She also worked for some time as a technical consultant at Jupiter Breweries Limited, Calcutta and as a technical manager at Standard Maltings Corporation, Baroda between 1975 and 1977. However, when she investigated the possibility of further work in Bangalore or Delhi, she was told that she would not be hired as a master brewer in India because "It's a man's work." She began to look abroad, and was offered a position in Scotland.
Before Kiran could move, she met Leslie Auchincloss, founder of Biocon Biochemicals Limited, of Cork, Ireland. Auchincloss's company produced enzymes for use in the brewing, food-packaging and textile industries. Auchincloss was looking for an Indian entrepreneur to help establish an Indian subsidiary. Kiran agreed to undertake the job on the condition that if she did not wish to continue after six months she would be guaranteed a brewmaster's position comparable to the one she was giving up.
After a brief period as a trainee manager at Biocon Biochemicals Limited, of Cork, Ireland, to learn more about the business, Kiran Mazumdar-Shaw returned to India. She started Biocon India in 1978 in the garage of her rented house in Bengaluru with a seed capital of Rs. 10,000. Although it was a joint venture, Indian laws restricted foreign ownership to 30% of the company. The remaining 70% belonged to Kiran Mazumdar-Shaw.
Initially, she faced credibility challenges because of her youth, gender and her untested business model. Funding was a problem: no bank wanted to lend to her, and some requested that her father be a guarantor. A chance meeting with a banker at a social event finally enabled her to get her first financial backing. She also found it difficult to recruit people to work for her start-up. Her first employee was a retired garage mechanic. Her first factory was in a nearby 3,000-square-foot shed. The most complicated piece of equipment in her lab at that time was a spectrophotometer. As well, she faced the technological challenges associated with trying to build a biotech business in a country with a shaky infrastructure. Uninterrupted power, superior quality water, sterile labs, imported research equipment, and workers with advanced scientific skills were not easily available in India at the time. The company's initial projects were the extraction of papain (an enzyme from papaya used to tenderize meat) and isinglass (obtained from tropical catfish and used to clarify beer). Within a year of its inception, Biocon India was able to manufacture enzymes and to export them to the US and Europe, the first Indian company to do so. At the end of her first year, Kiran used her earnings to buy a 20-acre property, dreaming of future expansion.
Kiran spearheaded Biocon's evolution from an industrial enzymes manufacturing company to a fully integrated bio-pharmaceutical company with a well-balanced business portfolio of products and a research focus on diabetes, oncology and auto-immune diseases. She also established two subsidiaries: Syngene (1994) which provides early research and development support services on a contract basis and Clinigene (2000) which focuses on clinical research trials and the development of both generic and new medicines. Clinigene was later merged with Syngene. Syngene was listed on BSE/NSE in 2015 and has a current market cap of US$1.15 billion.
Kiran Mazumdar-Shaw is responsible for establishing Biocon's direction. As early as 1984, she began to develop a research and development team at Biocon, focusing on discovery of novel enzymes and on development of novel techniques for solid substrate fermentation technology. The company's first major expansion came in 1987, when Narayanan Vaghul of ICICI Ventures (Industrial Credit and Investment Corporation of India) supported creation of a venture capital fund of US$250,000. The money enabled Biocon to expand its research and development efforts. They built a new plant featuring proprietary solid substrate fermentation technology based on a semi-automated tray culture process, inspired by Japanese techniques. In 1989, Biocon became the first Indian biotech company to receive US funding for proprietary technologies. Thereafter, in 1990, Kiran incorporated Biocon Biopharmaceuticals Private Limited (BBLP) to manufacture and market a select range of biotherapeutics in a joint venture with the Cuban Center of Molecular Immunology.
Biocon Biochemicals of Ireland was acquired from Leslie Auchincloss by Unilever in 1989. The partnership with Unilever helped Biocon to establish global best practices and quality systems. In 1997, Unilever sold its specialty chemicals division, including Biocon, to Imperial Chemical Industries (ICI). In 1998, Kiran Mazumdar's fiancée, Scotsman John Shaw, personally raised $2 million to purchase the outstanding Biocon shares from ICI. The couple married in 1998, whereupon she became known as Kiran Mazumdar-Shaw. John Shaw left his position as chairman at Madura Coats to join Biocon. He became Biocon’s vice chairman in 2001.
There is reverence in her voice when she talks about her father, whose ashes rest under the almond tree outside her office. She describes his role in her success. At a time when fathers did not take their daughters' intellect very seriously, Mazumdar-Shaw says hers told her: "I want you to use your knowledge to do something meaningful." While the 25-year-old Mazumdar-Shaw was setting up Biocon, her friends were getting married. It was her father who encouraged her to stay the course. "When I started the company, my father was so excited for me," she says, her eyes moistening. Her father taught her that people were the most valuable asset in business. She says: "My dad always said, 'Treat them with respect. Everyone has something to contribute.'" Her ground-level office on Biocon's leafy campus has a relaxed, informal feel, and her door is always open. Her staff is fiercely protective of her. Her vision for the company has evolved from the goal of improving India's scientific record to the dream of "a made-in-India novel drug". When she talks about Biocon's plans to take insulins global and move from cancer care to cancer cure, her enthusiasm seems almost childlike. Behind many dreams that come true, there is a choice that many might quail at. "I got married only at 44," says Mazumdar-Shaw. "My work was so important that I didn't even think about having a family. I miss having a child. But that's a sacrifice." She says she is happy with all that she has achieved. "I have made discoveries about myself, and have learnt to get ordinary people to do extraordinary things," she adds.
Kiran's belief in "affordable innovation" has been a driving philosophy behind Biocon's expansion. Inspired by the need for affordable drugs in less-wealthy countries, she has looked for opportunities to develop cost-effective techniques and lower-cost alternatives. She has also proposed that drug companies be cost-sensitive in marketing to developing countries, so that people can afford the drugs they need, particularly chronic therapies. She noticed the market potential for statins (cholesterol fighting drugs) early on. When the patent of the cholesterol-lowering drug lovastatin expired in 2001, Biocon got involved in its development. Then they expanded to other forms of statins. Part of her strategy was to enter into long-term supply contracts, establishing a dependable market base over time. Statins soon accounted for over 50 per cent of the company's revenue. The company’s revenue went up from Rs. 70 crore in 1998, to Rs. 500 crore in 2004 when it went public. In 2004, after seeking the advice of Narayana Murthy, Kiran Mazumdar-Shaw decided to list Biocon on the stock market. Her intent was to raise capital to further develop Biocon's research programs. Biocon was the first biotechnology company in India to issue an IPO. Biocon's IPO was oversubscribed 33 times and its first day at the bourses closed with a market value of $1.11 billion, making Biocon only the second Indian company to cross the $1-billion mark on the first day of listing.
Biocon continues to expand into new areas. Yeast expression platforms offer a desirable alternative to mammalian cell cultures for the genetic manipulation of cells for use in a variety of drug treatments. Unicellular methylotrophic yeasts such as Pichia pastoris are used in the production of vaccines, antibody fragments, hormones, cytokines, matrix proteins, and biosimilars. Biocon's major areas of research now include cancer, diabetes, and other auto-immune diseases such as rheumatoid arthritis and psoriasis. Because of the high percentage of people in India who chew betel or tobacco, India accounts for eighty-six per cent of oral cancer in the world, known locally as "cancer cheek". Diabetes is prevalent, and people who do not wear shoes are at risk to have a minor scrape or injury develop into gangrene, or "diabetes foot". Biocon is also working on drugs to treat psoriasis, a skin pigment disease which can result in social ostracization. Bio-pharmaceuticals developed include Pichia-derived recombinant human insulin and insulin analogs for diabetes, an Anti-EGFR monoclonal antibody for head and neck cancer, and a biologic for psoriasis. Biocon is Asia's largest insulin producer, and has the largest perfusion-based antibody production facilities. As of 2014, Biocon directed about 10% of its revenue back into research and development, a much higher proportion than most Indian pharmacological companies. Biocon has filed at least 950 patent applications as a result of its research activity. Kiran Mazumdar-Shaw has actively engaged in acquisitions, partnerships and in-licensing within the pharmaceuticals and bio-pharmaceutical area, entering into more than 2,200 high-value R&D licensing and other deals between 2005 and 2010.
Her rich contributions to research, innovation and affordable healthcare have been recognized by several national and international awards. The U.S.-based Chemical Heritage Foundation has conferred her with the ‘2014 Othmer Gold Medal’ and the Germany-based Kiel Institute for the World Economy has awarded her its coveted ‘2014 Global Economy Prize’ for Business. She has received two of India's highest civilian honours, the Padma Shri (1989) and the Padma Bhushan (2005). Other prominent awards include, Ernst & Young Best Entrepreneur: Healthcare & Life Sciences Award (2002), The Economic Times Business Woman of the Year Award (2004) and Nikkei Asia Prize for Regional Growth (2009).
Among the influences in her life, she counts Vaghul, the banker who thought differently; Raghunath Mashelkar, promoter of science and technology in India; and cardiac surgeon Dr Devi Shetty, architect of the world's cheapest health insurance scheme.
Her work in the biotechnology sector has earned her numerous national awards as well, including the Padma Shri (1989) and the Padma Bhushan (2005) from the government of India. She was given the Economic Times Award for 'Businesswoman of the Year' in 2004. At the Pharmaleaders Pharmaceutical Leadership Summit she was named "Global Indian Woman of the Year" (2012); she also received the Express Pharmaceutical Leadership Summit Award for "Dynamic Entrepreneur" in 2009. The Indian Merchants' Chamber Diamond Jubilee Endowment Trust's Eminent Businessperson of the Year Award was presented to Kiran Mazumdar-Shaw in 2006 by the Governor of Maharashtra, S. M. Krishna. She also has received the Indian Chamber of Commerce Lifetime Achievement Award (2005), the 'Corporate Leadership Award' by the American India Foundation (2005) and the Karnataka Rajyotsava Award (2002).
Kiran received an honorary doctorate from her alma mater, Ballarat University in 2004, in recognition of her contributions to biotechnology. She has been awarded honorary doctorates from the University of Abertay, Dundee, UK (2007), the University of Glasgow, UK (2008), Heriot-Watt University, Edinburgh, UK (2008) and University College Cork, Ireland (2012). She received an honorary doctorate from Davangere University, India, at its first convocation, July 2013, in recognition of her contribution in the field of biotechnology.
Kiran also holds key positions in various industry, educational, government and professional bodies. She is Non-Executive Chairperson of the Association of Biotechnology Led Enterprises (ABLE), a not-for-profit pan-India forum representing the Indian biotechnology sector. She is a founder member of Karnataka's Vision Group on Biotechnology, which she currently chairs. She serves as a member of the Governing Body of the Indian Pharmacopoeia Commission and has previously served as a member of the Board of Trustees of the U.S. Pharmacopeia Convention. Kiran Mazumdar-Shaw is Chairperson of the Board of Governors of the Indian Institute of Management, Bangalore, and has recently been appointed as Global Alumni Ambassador for Australia by the Department of Foreign Affairs and Trade, Australia. She is also on the board of advisors for The National Society of High School Scholars, US and is a founder member of the Society for the Institute for Stem Cell Biology and Regenerative Medicine, Bangalore. She serves as Independent Member of the Board of Infosys Ltd and features on the Global Advisory Committee for the Women and the Green Economy Campaign (WAGE)™ initiative. She is also the Honorary Consul of Ireland in Bangalore.
Kiran’s commitment to affordable healthcare extends beyond business. Her philanthropic initiatives are directed at making a difference to the lives of the marginalized communities. In 2004, Mazumdar-Shaw started a corporate social responsibility wing at Biocon, the Biocon Foundation. The Foundation focuses on the areas of health, education and infrastructure, especially in rural areas of Karnataka which lack healthcare facilities. Through Biocon Foundation’s primary healthcare centres, telemedicine initiatives, health awareness programs, public health and sanitation initiatives and preventive screenings for oral and cervical cancer, she is making an enduring impact on society. She has also established the 1,400-bed Mazumdar-Shaw Cancer Center in Bangalore to deliver affordable world-class cancer care services to patients irrespective of socio-economic status. She has also set up the Mazumdar-Shaw Center for Translational Research, a non-profit research institute dedicated to developing scientific breakthroughs for treating a wide range of human diseases. Her philanthropic efforts have led her to be featured in the Forbes’ List of ‘Heroes of Philanthropy’. Kiran Mazumdar-Shaw is also the second Indian to join the Giving Pledge global initiative created by Warren Buffett and Bill and Melinda Gates that encourages billionaires to give the majority of their wealth to philanthropic causes.
Kiran dislikes the term "philanthropy", believing that it often provides temporary fixes rather than changing underlying conditions. She prefers the term "compassionate capitalist", believing that properly applied business models can provide an ongoing foundation for sustainable social progress. "Innovation and commerce are as powerful tools for creating social progress as they are for driving technological advancement... when they are put to use for social progress, the implementation is a lot cheaper, a lot more people benefit, and the effect is more lasting." In 2015, she joined The Giving Pledge, promising that at least half of her wealth will be dedicated to philanthropy.
If Kiran would have succeeded at becoming a brewmaster, Biocon would probably not exist. But in the 1970s, brewing was a male-dominated industry, and she could not get a job. She says: "The words were: 'You're a woman. It is difficult for a woman to deal with labour unions. You are high-risk. Can you command the respect of your male colleagues?'" Today, things have changed drastically. "It is interesting to see how the people who said, 'I have 15 minutes for you' are in awe of me.'" Kiran, who is one of India's richest women, says she is a self-taught entrepreneur. It takes originality and a strong will for a woman to first study brewing, and then to turn to a nascent industry when hurdles in the brewery business prove insurmountable. Kiran Mazumdar-Shaw, it seems, has plenty of both. As someone who made unconventional choices - brewmaster, biotechnology pioneer, to personal life choices (she married at 44) - she says she admires people who dare to do things differently.
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