In 1978, a young Indian woman was told she couldn’t become a brewmaster simply because of her gender. Today, that woman—Kiran Mazumdar-Shaw—is a self-made billionaire and founder of Biocon, India’s leading biologics firm.
Mazumdar-Shaw’s story began in a tin-roofed shed in Bengaluru, where she fermented enzymes for companies like Ocean Spray. Armed with brewing skills she picked up in Australia and a deep sense of purpose, she pivoted from beer to biotech—pioneering affordable access to complex medicines for millions.
“I call myself an accidental entrepreneur,” she says. “But once I started, I never looked back.”
A Humble Start to a Global Biopharma Empire
Her entry into the life sciences came via a partnership with an Irish firm, Biocon, looking to expand to India. The company initially focused on industrial enzymes. When Unilever acquired the parent company in the 1980s, Mazumdar-Shaw stayed on, ultimately buying back the Indian business in 1998 for just 2 million USD—a move that would set the foundation for her fortune.
She later sold the enzyme division for 115 million USD in 2007, and by then had already pivoted Biocon into pharmaceuticals, starting with human insulin.
At the time, India relied heavily on animal-based insulin, as human versions were unaffordable. Mazumdar-Shaw was determined to change that—and did. In four years, Biocon developed India’s first human insulin, making the treatment widely accessible.
“Just because we couldn’t afford better drugs didn’t mean we didn’t deserve them,” she says.
The Biologics Boom and Biosimilars Business
Biocon now makes biosimilars—generic versions of biologics, or drugs derived from living cells. These include treatments for cancer, autoimmune disorders, and diabetes, which often cost tens or hundreds of thousands of dollars per dose in Western markets.
The company’s biologics arm, Biocon Biologics, contributes over 55% of Biocon’s revenue, which hit $1.9 billion in 2023. It has launched nine biosimilar drugs, including affordable versions of Johnson & Johnson’s Stelara, AbbVie’s Humira, and Roche’s Herceptin.
One standout is Yesintek, a biosimilar to Stelara, which Biocon sells for under 3,000 USD per dose, compared to Stelara’s 25,000+ USD price tag.
With biosimilars costing over $100 million to develop, Biocon has carved out a niche by delivering cost-effective alternatives to critical medications—especially in emerging markets where its drugs command up to 80% market share.
Eyeing the U.S. and Europe
Mazumdar-Shaw is now focusing on the U.S. and Canadian markets, which account for 40% of Biocon’s global sales. While pharmacy benefit managers (PBMs) pose a major hurdle, she remains confident about gaining ground in North America.
“Healthcare costs in the U.S. are spiraling. Biosimilars are part of the solution,” she notes.
Biocon Biologics plans to launch a biosimilar to Regeneron’s eye drug Eylea, which saw $10 billion in sales in 2024. With a pipeline of 20 drugs in development and plans to launch a new biosimilar annually through 2030, Biocon is positioning itself as a global biosimilars powerhouse.
Mazumdar-Shaw also hopes to spin off Biocon Biologics as a publicly traded company within the next 18 months.
A Billionaire With a Mission
Now 72, Mazumdar-Shaw is worth an estimated 3.2 billion USD, making her one of the world’s wealthiest self-made women in biotech. From her art-filled Manhattan apartment to her biotech labs in Bengaluru, she remains driven by the same goal: affordable access to life-saving drugs.
“We’re in a humanitarian business,” she says. “And we’re doing our part.”
