Only innovation can solve India’s problems: Biocon chief

For any developing country, the future depends on its ability to innovate new solutions for old problems, said Biocon Chairman and MD Kiran Mazumdar-Shaw on Monday.

Speaking at IIM-Bangalore’s conference on ‘Intellectual Property and Competition’ here, she said: “India has a host of challenges to solve. The country needs new ideas, new business models and new technologies.”

“At this stage, we are at a point where the people have become aware of the importance of IP and the value it creates, and of the importance of innovation as possibly the only way to tackle the problems we face today,” she added.

She further argued that the country needs a virtuous cycle of investment, innovation and value creation backed by policy change.

“Our IP is not commensurate with the scientific and engineering talent in the country. That is because we built our entire economic growth pattern by mimicking and imitating other peoples’ IP.

“Now the time has come to us to really look beyond,” she observed.

Conference chairman and IIM-B faculty member Chirantan Chatterjee said: “Economic historians point out that while in the 17th century innovators had their ears cut off instead of winning accolades, today everyone globally is a worshipper of ideas and innovation.

“And why not, when climate change and models of development are playing havoc with our mega-cities at one end while young intrepid entrepreneurs are brimming with ideas at the other.”