The story of Dr Kiran Mazumdar Shaw is very inspiring. She foresaw the tremendous potential of biotechnology when no one dared to think about it. She started her own company Biocon India in her garage with a meagre capital of 10,000 in collaboration with Biocon Biochemicals limited of Ireland. When she wanted to take loans no financial institution was willing to help her because of three reasons biotechnology was a new area of operation, her company lacked assets and thirdly women entrepreneurs were a rarity at that time in 1978. She even faced problems recruiting people. The initial operation of the company consisted of extracting an enzyme from papaya. Now Biocon limited is an integrated biotechnology enterprise focused on the development of biopharmaceuticals, custom research, clinical research and enzymes. It delivers products and solutions to partners and customers in over 50 countries. According to the company's website, "At Biocon our success has been our ability to develop innovative technologies and products and to leverage them to adjacent domains. This unique integrated innovation' approach has yielded a host of patented products and technologies that have enabled multilevel relationships with our global clientele". It has two subsidiary companies. The first one is Syngene International Private limited, which provides chemistry and molecular based custom research services in early stage drug discovery and development. The second subsidiary company is Clinigene International Private Limited, which conducts longitudinal research in diabetes and offers a wide range of comprehensive services in drug development and clinical trials. Biocon was the first biotechnology company of India to receive ISO 9001 certification Biocon Limited is what it is today due to adherence to the principles underlying good management practices.
Do you think innovativeness expressed in the above case can be linked to the nature of management principles?

Explanation

Yes, it is evident from the above case that the nature of management principles reflects the following features
(i)Contingent
(ii) Cause and effect relationships
(iii) Universal applicability