Biocon is an epitome of global scale, global processes, and global standards, and the focus is to beat global giants in terms of cost competitiveness
From a mere seed capital of Rs.10,000, Biocon is today a leading name in the world bio-pharma industry. Kiran Mazumdar Shaw shares her 32 years’ accelerated journey to the top.
Biocon began with a garage office and a mere Rs. 10,000 as seed capital. Born with the conviction to become a global leader, 32 years later, Biocon is today Asia’s largest biotech company. Known for its focus on innovation and discovery, Biocon has successfully reinvented itself in response to business opportunities, from a fermentation-based enzymes producer, to a bio-pharma company. Biocon has filed 950 patent applications till date, an indication of serious efforts towards creating and protecting knowledge. It is no wonder that when the company went for its first IPO in 2004, it was oversubscribed by thirty-three times, and on Day 1 the bourse closed with a market value of $1.11 billion, making Kiran Mazumdar Shaw (CMD, Biocon Ltd.) the richest women in India.
In Search Of Change Maestros’ unique approach towards its empirical study revealed some of the most intriguing traits of this innovative leader who has brought about a revolution in the bio-pharma space.
11 Patterns which explain Shaw’s excellence in the venture
Strategy Architecture: Biocon laid emphasis on competitive co-partnership - while in research they co-partner with some companies, they aggressively compete with them in some markets, thus following a robust strategy of competitive collaboration.
Entrepreneurial Passion: Kiran has created an entrepreneurial spirit within the company. As many in Biocon say “If we feel something is important then ‘we do it’; the top team has a strong belief in themselves and their team”.
Global Vision: Biocon is an epitome of global scale, global processes, and global standards, and the focus is to beat global giants in terms of cost competitiveness.
Futuristic Orientation: The company is opportunity-sensing and always thinks of tomorrow, today. Their emphasis on R&D is a natural outcome of this futuristic orientation.
Creating the Second Curve: Biocon enables a dynamic growth strategy through constant focus on creating a second curve, before the first curve declines.
Culture of Empowerment: Biocon has a culture of freedom, support and encouragement. Employees are encouraged to pick up new challenges and many hold responsible positions at a very young age.
Non-hierarchical Structure: Everyone at Biocon are on a first- name basis, and everyone, including Kiran queue up for lunch at the canteen. She encourages creation of a company with no hierarchy, no bureaucracy, and no level differences in anything, making decision-making very quick.
Making Work a Happening Place: The workplace is best described as ‘happening’, ‘invigorating’, ‘challenging’ and ‘exciting’. Everyone is involved in doing something new which brings great excitement to the workplace.
Quest for Excellence: Kiran instilled an Intellectual Property (IP) consciousness through constant training. They have a very appreciative culture, and the company goes out of its way to appreciate somebody for their excellent contribution. Kiran herself announces the promotions, and ESOPs are also used as a great instrument in promoting excellence.
Caring Community: Employees experience a bonding at an emotional level in the Biocon community, and focuses on looking after the whole person, rather than just the employee.
Ethical Governance: Biocon believes in openness, trust and integrity, and communicates with people about what they are doing in the company, through media and conferences. They are conscious of government rules and regulations, and work within the prescribed regulatory framework.