Biocon

The Entrepreneur (Kiran Mazumdar)

Grew up in a middle class family in Bangalore. Couldnt pursue dream of becoming a brewmaster, the profession was male-dominated. Went to the UK where she met L. Auchincloss (owner of Biocon) who offered her to open the Biocon office in India. With the support of her parents and her strong character, she accepted.

Start of Biocon:
Incorporated in Nov. 1978. Kiran had 70% and Auchincloss 30%. First BioTech company in India. Financed by Canara Bank thanks to personal contacts. Hiring staff and finding offices was very hard. Initial operations: extract enzymes for the UK office.

Growth of Biocon:

1st Phase:

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1984, beginning of R&D efforts in other enzyme technologies. In 3 years, became a successful producer of sophisticated Koji enzymes. 1989: Unilever acquires BioCon UK and 30% of BioCon India. Kiran refused to sell her part in Biocon India. Biocon starts contract R&D (outsourcing) for US and UE firms. Biocon becomes independent entity: Kiran buys the remaining 30% Expansion into the Statins business is a success: 78% of revenues in 2000. Expansion into the clinical studies business is promising. Milestone in 2001: FDA approval in the US. In 25 years, evolved from enzymes producer to major Pharma company. 2004: 1ST biotech cie in Asia and #16 in the world by revenues. Successful IPO in 2004. All growth metrics are spectacular (sales, net profits)

2nd Phase:

3rd Phase:

4rd Phase:

Characteristics of Kiran: Long term thinking to identify opportunities. Personal skills: o Perseverance. o Faith in her abilities.

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Pursuit of excellence.

Corporate culture at Biocon:

Favorite employer for Indian scientific students: o Delegation of work as a motivation tool. o Intellectual freedom. o Informal interaction encouraged. Advocates women rights: o 50% of employees. o Day care centre for children. CSR initiatives: o Polio camps for children and Hepatitis B. o Biocon foundation: affordable health services for the poor. o Health services for rural families. o Primary education for the poor and school equipment. o Improve quality of life in Bangalore (garbage, clean water, roads)