Press Release from 2023-03-17 / DEG
DEG finances local production of medicines in Indonesia
Equity investment of USD 8 million in Indonesian pharmaceutical company Etana
DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH is investing around USD 8 million in the Indonesian biopharmaceutical company PT Etana Biotechnologies Indonesia (Etana). The company, based in the capital Jakarta, currently has a staff of around 500.
Development and production of affordable drugs according to the latest standards
In Indonesia, increasing disease incidences are driving demand for medicines, such as drugs to treat cancer. Until now, these have mostly been imported and often no longer correspond to the current state of research, i.e. they are less effective. At the same time many imported medicines are no longer covered by health insurances due to high prices.
Etana has tasked itself with bridging this supply gap by making locally produced, high-quality medicines available to the local population. It is the first pharmaceutical company in ASEAN region that produces medicines and vaccines using mRNA technology. Some of its production facilities are made by German manufacturers. The funding will be invested to expand Etana’s production capacities and research.
Improving medical care and local value creation
“DEG as a development finance institution is committed to the UN Sustainable Development Goals (SDGs), one of which is improving healthcare. Through our partnership with Etana we are helping to ensure that also people with lower incomes have access to modern, effective medicines," said DEG Management Board member Monika Beck.
Nathan Tirtana, President Director of Etana, explained: “As a biopharmaceutical start-up business we are happy that, thanks to DEG's support, we can continue to invest in production and expand research. Over the next years, we plan to develop new cancer therapy drugs and new vaccines.”
DEG has been active in Indonesia, one of the most populated countries in Southeast Asia with 280 million inhabitants, since 1972 and has had a representative office in Jakarta since 1988. DEG's portfolio in Indonesia currently totals approximately EUR 170 million and includes not only financing for financial institutions but also investments in renewable energy projects.