Indonesian President Joko Widodo signed Presidential Instruction No. 6/2016 on the Acceleration of Development of the Pharmaceutical Industry and Medical Devices on 8 June 2016. Through this instruction Widodo calls on all relevant ministries - including the Health Ministry, Industry Ministry and Finance Ministry - to take efforts to boost development of Indonesia's pharmaceutical industry. The Health Industry has a key task to write an action plan for the development of a self-sufficient pharmaceutical industry and to boost competitiveness.

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Salah satu paket stimulus ekonomi selanjutnya dari Pemerintah Indonesia akan berfokus pada meningkatkan produksi dalam negeri bahan baku untuk obat-obatan dan perangkat medis. Saat ini, industri tersebut masih sangat tergantung pada impor bahan baku. Diperkirakan bahwa sekitar 90% dari bahan baku/dasar untuk pembuatan obat-obatan dan perangkat medis perlu diimpor dari luar negeri sehingga menyebabkan tekanan tambahan pada neraca pembayaran Indonesia.

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Direct investment in the medical device industry of Indonesia soared nearly seven-fold to IDR 4.7 trillion (approx. USD $343 million) in 2017 (compared to the preceding year). Rising investment stems from new as well as existing local companies, foreign investors, and local-foreign joint ventures. But what is behind this growth?

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Relatively frequently Indonesia is shocked by major scandals; usually it is a high-profile corruption case involving politicians or big businessmen but since Friday (24/06) a new scandal arose that has been keeping local media busy. This scandal is more sensitive as it involves the health of little children. Apparently, fake vaccines have been given to children - primarily to babies under one year old - across Java for the past 13 years. Police arrested a total of 16 people on grounds that they have been involved in the production and distribution of fake counterfeit vaccines.

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Companies active in the pharmaceutical industry of Indonesia need to find strategies to overcome sharp rupiah depreciation. Indonesia’s pharmaceutical industry is still - to a large extent - dependent on the import of raw materials, hence a weakening rupiah raises the costs of imports thus eroding profit margins. Since May 2013, when the US Federal Reserve started to hint at monetary tightening, the US dollar has experienced bullish momentum. Between the May 2013 and July 2015, the rupiah depreciated around 37 percent against the US dollar.

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