(L-R) Prof Richard H Thaler, the University of Chicago; H E Madam Ellen Johnson-Sirleaf, President of Liberia; Dr Kiran Mazumdar-Shaw, CMD, Biocon, India
Dr Kiran now becomes the first Indian woman and the fourth Indian to be conferred this prize.
The previous honorees include Dr Amartya Sen, Nobel laureate in Economics (2007); Mr Baba N Kalyani, Chairman of Kalyani Group (2009); and Mr Sunil Bharti Mittal, Chairman of Bharti Group (2009).
Accepting the award from Prof. Dennis Snower, president, Kiel Institute for the World Economy, Dr Kiran Mazumdar-Shaw said, "I am honored to receive this prestigious award and consider it a great privilege to be in the company of great economists, world leaders and entrepreneurs."
Ms Mazumdar-Shaw pioneered biotechnology in India and started Biocon as a novel enzymes company, which has evolved into India's largest biopharmaceutical enterprise.
The Kiel Institute for the World Economy is an international center for research in global economic affairs, economic policy consulting and economic education.
This prestigious award, established in 2005 by the Kiel Institute, is bestowed upon individuals who have been pioneers in finding solutions to global economic problems by strongly influencing and implementing economic or trade systems based on individual initiative and responsibility.
This annual prize is awarded to three individuals: A high ranking policy maker, a renowned economist and an outstanding entrepreneur.
The winners this year include: