Pharmaniaga Bhd is strategically streamlining its business activities and optimizing overall operations and costs while establishing synergies across all business units. With a focus on financial recalibration, the company is committed to overcoming obstacles and addressing the challenges presented by its Practice Note 17 status.
Pharmaniaga is particularly expanding its capabilities in biopharmaceuticals to meet growing therapeutic needs and build manufacturing facilities for vaccines and insulin. Negotiations for the concession renewal are expected to conclude soon. The Ministry of Health has confirmed the extension of the provision of medicines and medical supplies from Pharmaniaga for another 10 years. The company is targeting vaccines under the National Immunisation Programme (NIP) and expects commercialization in 2025 for vaccines and 2026 for insulin.
Pharmaniaga holds a significant market share in the private generic drugs market and projects impressive growth of 20% in 2023. Its logistics and distribution arm in Indonesia, PT Milenium Pharmacon International Tbk (MPI), aims for double-digit sales and plans to establish new branches in 2023. The manufacturing arm in Bandung, Pt Errita Pharma, will focus on expanding market penetration and production capacity. The company's goal is to diversify its business and explore non-concession healthcare opportunities while leveraging its core strengths in pharmaceuticals and healthcare products, particularly in biopharma.