Production and Delivery of Alternative Medicines [herbal] / Supplements
Production and Delivery of Alternative Medicines [herbal] / Supplements
Business Model Description
Build a network of B2B and B2C manufacturers, distributors and suppliers of herbal-based products in the form of pharmaceutical preparations, traditional medicines and affiliated products. Example of a company active in this space:
Sido Muncul, founded in 1940, is a publicly listed herbal medicine and food products company. It produces and markets a variety of consumer products related to herbal medication, such as the Jamu Tolak Angin (15). Affinity Equity Partners acquired 21% stake in PT Industri Jamu dan Farmasi Sido Muncul Tbk (IDX:SIDO) from PT. Hotel Candi Baru in December 2017 for a transaction value of USD 317.8 mn. (15)
Expected Impact
Promotion of alternative medicines [herbal] / supplements to promote local industry and exports, while ensuring improved nutrition and affordable medicines
How is this information gathered?
Investment opportunities with potential to contribute to sustainable development are based on country-level SDG Investor Maps.
Disclaimer
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Country & Regions
- Indonesia: Countrywide
- Indonesia: Java
- Indonesia: Sumatra
Sector Classification
Health Care
Development need
Below optimum referral system of healthcare services and lack of accessible quality health care has lead to an increase in unmet needs for healthcare from 4.66% (2015) to 5.44% (2020) (1), relatively high maternal mortality rate (MMR) (305/100,000 live births, 2015) and infant mortality rate (26.9/1,000 live births, 2015) (2).
Policy
Healthcare policy, under the National Priority (PN) 3: aims to improve human capital and competitiveness. Priority Program (PP) 3 and 2 cover the universal health coverage to address the maternal and infant mortality, communicable and non-communicable diseases, reproductive health and family planning (3).
Gender inequalities and marginalization issues
Maternal and infant mortality are among the highest among peer countries in Association of Southeast Asian Nations (ASEAN), caused by health and socioeconomic issues, such as child marriage practices in several regions (4).
According to the 2018 Socio-economic National Survey (Susenas), 1 of every 9 girls aged 20-24 gets married before the age of 18, i.e. ~1.2 mn girls, with Indonesia recording the 8th highest number of child marriages in the world (5).
Investment opportunities introduction
Healthcare spending in Indonesia was USD 38.3 bn [or USD 112 per capita (5)], i.e. 3.6% of GDP, (6) and USD 21 bn in 2019 (7). It is expected to reach USD 51 bn by 2020 (4.18% of GDP) (8).
Key bottlenecks introduction
Last-mile connectivity has been challenging since Indonesia is an archipelago with a geographically fragmented population. Availability and recruitment of quality healthcare personnel has also been a problem across the country.
Biotechnology and Pharmaceuticals
Development need
Community Health Centers (CHC-Puskesmas) and Primary-Level Health Facilities (FKTP) are not functioning optimally due to lack of medication and inadequate use of drugs with dependence on import for raw materials of pharmaceuticals and medical devices (9). 95% raw materials for medicines and medical devices come from imports (10), resulting in a restricted supply of medicines.
Policy
Pharmaceuticals industry is among the 5 industry 4.0 priority projects and is part of the strategy to strengthen health systems, drug and food control. (9)
Ministry of Health's (MoH) Circular Letter for Utilization Of Traditional Medicine For Health Maintenance, Disease Prevention, And Health Care issued during Covid-19 sets apart the use of traditional medicine and conventional drugs. (11)
Gender inequalities and marginalization issues
Majority of herbal medicine businesses are dominated by women. Jamu Gendong sellers are also mostly women and through selling Jamu, women are exposed to entrepreneurship and medicinal knowledge. Thus, herbal medicine businesses can support women independence. (12 and 13)
Investment opportunities introduction
In 2019, Indonesia ranked 19th in the world's exporting countries of medicinal herbs or biopharmaceuticals with a market share of 0.61% and a value of USD 9.64 mn in January - September 2020 (higher by 14.08% compared to the same period last year). (14)
Key bottlenecks introduction
Complicated manufacturing process (including research & development, approvals, technology transfer and scaling-up of operations) results in delays in realizing efficient commercial returns for investments in the Indonesian pharmaceuticals industry.
Biotechnology and Pharmaceuticals
Pipeline Opportunity
Production and Delivery of Alternative Medicines [herbal] / Supplements
Build a network of B2B and B2C manufacturers, distributors and suppliers of herbal-based products in the form of pharmaceutical preparations, traditional medicines and affiliated products. Example of a company active in this space:
Sido Muncul, founded in 1940, is a publicly listed herbal medicine and food products company. It produces and markets a variety of consumer products related to herbal medication, such as the Jamu Tolak Angin (15). Affinity Equity Partners acquired 21% stake in PT Industri Jamu dan Farmasi Sido Muncul Tbk (IDX:SIDO) from PT. Hotel Candi Baru in December 2017 for a transaction value of USD 317.8 mn. (15)
Business Case
Market Size and Environment
> USD 1 billion
> 25%
Herbal medicine exports: Jan-Sept 2020 - USD 9.64 mn; Jan-Sept 2019 - USD 8.45 mn (18)
The health and food supplement market has generated more than USD 318 mn in 2020. (16) In Q1-2020, Jamu and herbal supplements segment contributed >68% of Indonesia's USD 730.72 bn revenue. (19)
Even amid the economic downturn due to the government's Covid-19 emergency measures, Q1-2020 saw the Jamu and herbal supplements segment contribute >68% of herbal medicine market's revenue of USD 51.15 mn, a year-on-year (yoy) increase of 2.4%. (19)
Total Indonesia pharmacy market revenue in April 2021 is USD 5.92 bn (14) During 2019-2021, earnings of pharmaceuticals companies grew by 11% per annum, and revenues grew by 12% per annum. (20)
Indicative Return
> 25%
> 25%
Affinity Equity Partners acquired 21% stake in PT Industri Jamu dan Farmasi Sido Muncul Tbk (IDX:SIDO) from PT. Hotel Candi Baru in December 2017 for a transaction value of USD 317.8 mn. (15)
Similar transactions in the industry have closed at upto 15x Enterprise Value (EV) / Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) multiple.
Private Equity firms target 20-25% IRRs on their investment. Returns depend on stage of investment and the valuation at the time of exit. Example: Seed fund investors will earn a better return if they hold their investment, than the investors who enter at a later stage.
Investment Timeframe
Long Term (10+ years)
Most companies in this industry are mature, profitable and publicly listed.
Extensive time is spent in developing a product, obtaining approval and registering it, which may take upto 12-18 months. (22) All herbal product need to be approved by BPOM (The National Agency for Drug and Food Control of Indonesia). (23)
Even amid the economic downturn due to the government's Covid-19 emergency measures, the first quarter of 2020 saw the Jamu and herbal supplements segment contribute more than 68% of its USD 51.15 mn sales revenue, a year-on-year (yoy) increase of 2.4%. (19)
Ticket Size
USD 1 million - USD 10 million
Market Risks & Scale Obstacles
Capital - CapEx Intensive
Market - High Level of Competition
Market - Volatile
Impact Case
Sustainable Development Need
Indonesia has 75% of 40,000 medicinal plants in the world and is an untapped source of herbal medicines for the global market. (19). Exports of herbal medicine (9M-2020 - USD 9.64 mn; 9M2019 - USD 8.45 mn (18)) can help in economic growth.
Covid-19 has induced a shift in consumer behavior to herbal alternatives, which improves accessibility to medicines. Unmet needs of the population (for lack of access to quality and affordable medicines to prevent/manage diseases) for healthcare increased from 4.66% in 2015 to 5.44% in 2020. (26)
Use of herbal medicines can help in reducing out-of-pocket expenditure on healthcare [34.851% in 2018] (26) in the long-term. In 2019, average monthly expense on preventive care per person in urban areas was USD 0.66 (28) and in rural areas was USD 0.38 (28) [3-fold increase from 2015].
Gender & Marginalisation
Rural communities can benefit from herbal medicines as an affordable source of medication. This will reduce the preventive care cost (USD 0.38 in rural areas (28)) and help in improving the level of unmet needs for healthcare in rural areas which was 6.16% of total population as of 2020. (26)
90% of raw materials for Covid-19 drugs are imported and are expensive. (29) Since traditional medicine (jamu) is made from raw material which can be sourced locally, it is affordable for the underserved population and can be used for supporting body resistance (immunity booster) for Covid-19. (30, 31)
Expected Development Outcome
Conservation of herbal plants can support future pharmaceutical research for the development of plant-based medicines for communicable and non-communicable diseases.
Upliftment of herbal medicine industry has a positive impact on the national economy as raw materials for medicinal plants are available in abundance and are the main resources to build self-reliance in pharmaceuticals production. (21)
Pharmaceuticals release ~4 mn tonnes of CO2 a year (equivalent to CO2 produced by 3/4 of a million cars on the road). Thus, locally grown biodynamic organic herbal medicine can contribute towards better health of the planet. (32)
Gender & Marginalisation
Increase in proportion of the population with access to affordable medicines and vaccines on a sustainable basis.
Studies show that there is an improvement in nutritional status of adolescent girls and pregnant women with the use of herbal alternative medicines. (2)
Traditionally, men were involved in the agriculture sector, while women dominated selling herbal medicines. Thus, herbal medicine businesses can support women independence. (12 and 13)
Primary SDGs addressed
3.b.3 Proportion of health facilities that have a core set of relevant essential medicines available and affordable on a sustainable basis
92.12% in 2020 Vs. 79.38% in 2015. (26)
94% in 2023, 96 % in 2024 (3)
2.1.1 Prevalence of undernourishment
8.34 in 2020; 7.63 in 2019 (26)
4.90% Prevalence of Undernourishment with BAU scenario in 2030 3.60% Prevalence of Undernourishment with intervention in 2030 (2)
Secondary SDGs addressed
Directly impacted stakeholders
People
Gender inequality and/or marginalization
Planet
Corporates
Public sector
Indirectly impacted stakeholders
People
Gender inequality and/or marginalization
Planet
Corporates
Public sector
Outcome Risks
Lack of regulation may induce unfair trade practices. Example: Trading of illegal products (unregistered and counterfeit products). (34)
Since the herbal medicine industry is dominated by Micro, Small and Medium Enterprises (MSME), they face challenges such as limited raw materials, equipment, capital and human resources. (33)
Challenges related to application of Good Traditional Medicine Manufacturing Practices lead to limited production and marketing capacity. (33)
Gender inequality and/or marginalization risk: If prices of herbal medicines rise due to a lack of price control, vulnerable communities may not be able to afford the medicines.
Impact Risks
Lack of proper knowledge of dosage and method of consumption may have adverse impact on the health of consumers.
Excessive production of herbal medicines may impact the environment adversely if it leads to extinction of many species of plants.
Gender inequality and/or marginalization risk: Lack of regulation may result in exploitation of local farmers or producers by large corporates for fetching low prices for herbal plant produce.
Impact Classification
What
Sustainable production of herbal medicines using national resources to improve nutrition, health indicators and to promote export income
Risk
Excessive production may adversely impact the environment and lead to extinction of species of various crops.
Contribution
According to Susenas March 2021, the average monthly per capita expenditure for purchase of traditional medicine was USD 0.05 for urban area and USD 0.03 for rural areas. (36)
Impact Thesis
Promotion of alternative medicines [herbal] / supplements to promote local industry and exports, while ensuring improved nutrition and affordable medicines
Enabling Environment
Policy Environment
MoH's Circular Letter No. HK.02.02/IV.2243/2020: about the Utilization Of Traditional Medicine For Health Maintenance, Disease Prevention, And Health Care during the Covid-19 which sets apart the use of traditional medicine and conventional drugs (38).
The Master Plan for the Development of Traditional Medicine Raw Materials: aims to increase the development and production of domestic traditional medicinal raw materials and reduce the imports, which are guaranteed to be of high quality (39)
Pharmaceuticals industry is among the 5 industry 4.0 priority projects and is part of the strategy to strengthen health systems, drug and food control. (9)
MoH Action Plan for health research and development programs 2020-2024: increase research and development in Biomedical and Health Basic Technology by increasing research results and development of life sciences that produce innovative products in the form of standardized herbal medicines (40).
BPOM Regulation No. 32, 2019 on Safety and quality requirements of traditional medicine sets the use of the Indonesian Herbal Pharmacopoeia for traditional medicine raw materials. It contains provisions, simple monographs and extracts for quality requirements of organoleptic, macroscopic, microscopic, chemical content, and analytical methods (procedures and equipment) (41).
Financial Environment
Research and development for herbal/traditional medicine is claimed as tax reduction upto 3x (46) Companies claim reduction in gross income of 100% total costs and 100% costs granted for human development activities for students/educators at universities diploma program on jamu processing. (47)
As per the New Investment List (under Presidential Regulation No. 10 of 2021 regarding Investment Sectors), 'Traditional Medicine Manufacturing' and 'Manufacturing Raw Materials for Traditional Medicine', are 100% closed for foreign ownership. (48)
MOF Regulation Number 128/ PMK.010/2019: Research and development for herbal/traditional medicine is claimed as tax reduction up to 3x (47). Companies claim reduction in gross income of 100% total costs and 100% costs granted for human development activities for students/educators at universities diploma program on jamu processing. (45).
Regulatory Environment
Presidential Regulation No. 49 of 2021 on Changes to Presidential Regulation No. 10 of 2021 on Investment Business: Traditional Medicine Business (Small Business Traditional Medicine / UKOT and Micro Business Traditional Medicine / UMOT) is allocated to Cooperatives and MSMEs. (42)
Reg. No. 007 of 2012 Registration of Traditional Medicine for those who would like to sell, circulate and/or distribute Herbal Medicine: standardized herbal medicines are preparations of ingredients that are standardized/scientifically proven and compliant with safety/quality requirements (43)
Decree of the MoH Number HK.01.07/Menkes/187/2017: MoH has established a formulary for Indonesian traditional medicinal ingredients (FROTI), the preparation of which is based on health problems that are commonly found in the community (44).
Decree of the MoH Number HK.01.07/Menkes/187/2017: Use of herbs in FROTI is directed to maintain health and help reduce complaints suffered (44).
BKPM regulations of the Republic of Indonesia number 7 of 2020 encourage and increase direct investment activities, both in terms of economic growth, development of business sector has a high priority on a national scale, as well as equity and acceleration development for certain business fields. (45)
Marketplace Participants
Private Sector
Corporates: PT Pyridam Farma Tbk, SidoMuncul, PT. Futamed Pharmaceuticals Investors: PT Pyridam Internasional Corporation, Affinity Equity Partners, Mega Lifesciences Public Company Limited
Government
Government: Ministry of Health, Ministry of Industry, BRIN, Ministry of Agriculture, Ministry of Environment and Forestry, National Agency of Drug and Food Control of Indonesia
Multilaterals
Multilaterals: World Health Organization (WHO), United Nations Entity for Gender Equality and the Empowerment of Women (UN Women), United Nations Development Programme (UNDP), United Nations Children's Fund (UNICEF), Asian Development Bank (ADB), World Bank (WB), United Nations Population Fund (UNFPA), Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ)
Non-Profit
Indonesian Pharmacists Association, Indonesian Herbal Medicine Association
Target Locations
Indonesia: Countrywide
Indonesia: Java
Indonesia: Sumatra
References
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