Establishing Bio-Health Fund, Bio Farma & MDI Ventures to invest USD 50 million
JAKARTA. PT Bio Farma, alongside MDI Ventures, will establish Bio-Health Fund, an investment company that will raise fundings for biotechnology-and-healthcare-oriented start-ups. This project will take up investments of at least USD 50 million
Pahala Nugraha Mansury, Vice Minister of State-Owned Enterprises (BUMN) I, explained how one of Indonesia’s current challenges is related to the health industry’s capability in inventing new technology, including the bio-science, pharmaceutical, and digital health sectors. “This is the reason that prompted the Ministry of BUMN to urge Bio Farma Group, as well as Kimia Farma and Indofarma, to advance in the technology field and start to invest in start-ups,” he mentioned in the official release yesterday (12/5).
Bio-Health Fund is expected to bring forth contribution to Bio Farma as the primary limited partnership, which subsequently allows Bio Farma to enhance its focus in biotechnology research, further assisting Bio Farma to establish its position as the top state-owned holding engaged in the end-to-end healthcare service.
In the early stage, Bio Farma will prepare USD 20 million that will be channel as investments in potential and promising start-ups.
Honesti Basyir, President Director of Bio Farma, announced that the company will also enhance its portfolio apart from vaccine and serum production. During the pandemic, Bio Farma managed to create a diagnostic kit, mBio-Cov and Biosaliva, resulting from a collaboration with a start-up. According to Basyir, Bio Farma’s competence as a pharmaceutical goods manufacturer and healthcare service provider will promise local start-ups a solid go-to-market. (AM/ZH)