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Executive Q&A; By the late 1990s, I decided Biocon's enzyme business was a grows larger, the ability to take risks decreases because much self-limiting one. Biocon was profitable, and things were going more is at stake. However, I continue to promote risk-taking great, but I realized that remaining in the enzyme business would at Biocon, and we are very aggressive both scientifically and in not provide me with the exponential growth I was looking for. execution of our IP and patent strategy. Consequently, I turned my attention to biopharmaceuticals, Finally, I believe investment in R&D; is going to yield huge which I believed was a good business opportunity for Biocon value for Biocon, and we are going to continue to pursue given our expertise in recombinant DNA technology and that path. For example, Biocon is currently developing two bacterial and fungal fermentations. Interestingly, Unilever had innovative products we are very excited about: oral insulin no interest in pursuing biopharmaceutical drug discovery, (partnered with Bristol-Myers Squibb for clinical development), and in 1998, my husband, John Shaw, and I bought Unilever's and an anti-CD6 monoclonal antibody (itolizumab) recently share of Biocon India and became fully independent. approved in India to treat autoimmune diseases like psoriasis, After the buyout, we were able to transform our enzyme rheumatoid arthritis, multiple sclerosis, and inflammatory business into biopharmaceuticals by leveraging bowel disease. The next step for itolizumab is to our proprietary fermentation platforms and develop and get it approved (by partnering recombinant DNA technologies into statin with a larger company) in the U.S. as a and insulin production. However, I treatment for certain autoimmune disease realized there was one technology indications. platform that was missing — Q: Do you think Indian drug monoclonal antibody (mAb) manufacturers are ready to compete production. Biocon acquired that in the innovative drug discovery and capability in 2001 by in-licensing development space? Cuban mAb production technology and bringing it to India. This Mazumdar-Shaw: India has emerged gave Biocon its foundation in as a significant global player in the biopharmaceuticals. low-cost manufacture of generic In 2004, we took Biocon public prescription drugs. I think Indian (India's first publicly traded biotech Kiran Mazumdar-Shaw, Biocon companies continue to focus on generic company) and decided in 2007 to sell the drug development business, as compared with company's enzyme business to Novozymes innovative drug development, because Indian A/S of Denmark. Prior to going public, all of investors are extremely risk averse. This attitude is what Biocon's manufacturing and R&D; activities were selfdrives the whole business ethos of the Indian pharmaceutical financed. Getting listed on the Indian markets helped Biocon sector. But there are early signs that innovative drug development to become a fully integrated biopharmaceutical company, is beginning to take hold in India. which today is one of Asia's largest mAb and biologics India offers the world an affordable platform for cost-effective manufacturing facilities. drug innovation. I often say that I can afford to innovate and Q: What are some of the important lessons you learned during possibly fail because the cost of failure in India is very affordable. your 35-year tenure as a biotechnology executive? When other biopharma entrepreneurs realize this, I believe there will be an innovation explosion in India. Mazumdar-Shaw: I think taking risks and managing them While many Big Pharma and biotech companies are getting successfully is my main strength and one of the main out of R&D; because "innovation is too expensive," India offers a ingredients responsible for my success in the biotech industry. unique opportunity to show the rest of the world that affordable Also, I am passionate about innovation, which helps to innovation is possible and can help to deliver much-needed new differentiate a successful company from an unsuccessful one. drugs to address unmet medical needs. Innovation is something that cannot be taught; it must be in Q: What are your views on the future of the global one's DNA. And a strong innovative spirit is critical for positive biosimilar market? leadership. Also, throughout my career, I have surrounded myself with others who share this innovative spirit and are Mazumdar-Shaw: I believe biosimilars are the future, but willing to take risks with me. Of course, as an organization "I often say that I can afford to innovate and possibly fail because the cost of failure in India is very affordable." 38 LifeScienceLeader.com August 2013