Healthy Start
Forbes Indonesia|July 2021
Setting a new milestone amid the pandemic, Pyridam Farma aims to boost innovation in Indonesia’s pharmaceutical industry
Marella Putri

While many industrial sectors in Indonesia have been negatively impacted due to the COVID-19 pandemic, some have gained momentum and contributed positively to the overall economy. According to figures from the Ministry of Industry, the chemical, pharmaceutical and traditional medicines sector recorded a 9.39% YoY growth in 2020. Not only was this higher than its 8.48% growth in 2019, it was also the highest among the various industrial sectors reported, many of which were badly impacted by the effects of the pandemic on trade and consumption particularly.

The pandemic has encouraged people to think about their health and to strengthen their immune systems, thus leading to an increase in the consumption of health products including vitamins and supplements. Masks and medical equipment, like COVID-19 test kits and screening tools, were increasingly sought after as well. PT Pyridam Farma is among the pharmaceutical companies that has had its performance positively driven by the growth in demand in these areas.

Pyridam recorded a 48.6% YoY increase in total net sales to Rp 117.4 billion in the first quarter of 2021 and a 147.7% YoY increase in net income to Rp 10.9 billion. Whilst pharmaceutical products, contributing Rp 84 billion, still dominate the company’s revenue mix and around Rp 5.9 billion was contributed by toll manufacturing, its medical equipment sales grew by 585% YoY, to Rp 27.5 billion, due to the high demand related to COVID-19 seen since the second half of last year.

Overall, this year Pyridam targets a 50% increase in revenue as the company has prepared some strategies to capitalize on this shift in demand. One of Pyridam's first moves was entering the consumer-health market, aiming to stay relevant to the public’s need, particularly in this challenging time. In response to people's greater attention to be fitter by consuming vitamins and supplements, Pyridam created a consumer health division under its pharmaceutical products operations early this year. It has launched several products, including recently a D3-1000 Vitamin, which is highly sought after nowadays.

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