SINGAPORE (June 5): Dr Kiran Mazumdar-Shaw, executive chairperson of India-based Biocon Limited, was named this year’s EY World Entrepreneur Of The Year 2020.
For the first time, the event was held virtually. She was chosen from among 46 award winners from 41 countries and territories vying for the world title.
She is the third winner from India and is also the second woman to win this award. Singapore’s Olivia Lum, founder of Hyflux Limited, won in 2011. Singapore is represented this year by David (Hyonmoo) Lee, executive chairman of Iyuno Media Group.
From 2 to 11,000
The 67-year-old Mazumdar-Shaw founded Biocon, a bio-enzymes company, in 1978 with just two employees and US$500. Since then, it has grown its revenue to US$800 million for FY2019 and has a headcount of more than 11,000. In 2014, Biocon was India’s first biotech company to go public and the second Indian company to pass the US$1 billion mark on its first day of listing. It now has a market value of more than US$4 billion.
Biocon and its subsidiaries are making a lasting impact on global health care. Millions of people living with diabetes now have access to affordable insulin, while millions more who are battling cancer, rheumatoid arthritis and other debilitating diseases now have access to affordable biosimilars.
“Kiran is an inspirational entrepreneur who demonstrates that determination, perseverance and a willingness to innovate can create long-term value,” says Manny Stul, chairman and co-CEO of Moose Toys, who is the Chair of the EY World Entrepreneur Of The Year judging panel.
“The judging panel were impressed by her ability to build and sustain growth over the past 30 years and by her integrity and passion for philanthropy that has delivered huge global impact. She has built India’s largest biopharmaceutical company on a foundation of compassionate capitalism and putting patient needs before profits,” adds Stul.
Other judges were Rosaleen Blair, founder and chair of Alexander Mann Solutions; George Hongchoy, executive director and CEO of Link Asset Management; Hernan Kazah, co-founder and managing partner of Kaszek Ventures; Sipho Nkosi, chairman of Sasol and Emine Sabancı Kamışlı, co-founder and vice chairperson of Esas Holding.
Greater responsibility
Mazumdar-Shaw says that at its core, entrepreneurship is about solving problems. “The greatest opportunities often arise at the toughest times, and that’s been my experience throughout my entrepreneurial journey.”
She explains that while her business focus is global health care and the provision of universal access to life saving medicine; she has a greater responsibility as an entrepreneur beyond just simply delivering value to shareholders.
“Wealth creation can be a catalyst for change, and all entrepreneurs have a responsibility to the world around them and the communities in which they operate,” she says.
She also believes that women are playing a hugely important role in economic development. “For too long their contribution has been ignored. It’s important that we use the platform of EY World Entrepreneur Of The Year to encourage more women to participate in entrepreneurial pursuits. I’m truly honored to receive this prestigious award,” says Mazumdar-Shaw.
“Entrepreneurs are the unstoppable visionaries who inspire innovation and fuel growth and prosperity by building remarkable companies and services. Kiran’s passion to develop low-cost, cutting-edge pharmaceutical alternatives has brought affordable health care to patient communities all around the world,” says Carmine Di Sibio, EY global chairman and CEO.
“With an exceptional record in creating long-term value, Kiran’s clear vision of making a difference to the lives of millions of people around the world make her a worthy EY World Entrepreneur Of The Year winner,” says Stasia Mitchell, EY Global Entrepreneurship Leader.
“Her impact on improving global health access and affordability will endure for decades to come. She is a beacon for other entrepreneurs to follow,” says Mitchell.
