Achiko establishes a Joint Venture with PT Indonesia Farma Medis for the Production and Distribution of the Covid-19 Test Platform in Indonesia

ZURICH, SWISS – EQS Newswire – Achiko AG and PT Indonesia Farma Medis (PIFM) have agreed to establish a joint venture PT Achiko Medika Indonesia (PAMI). PAMI will be responsible for the production, distribution and marketing of the test platform, which was developed under Project Gumnuts for Indonesia.

“The number of Covid-19 cases in Indonesia has surpassed the one million mark and the risk of disease transmission continues to have a negative impact on the economy, highlighting the need for mass-market testing. The economy has to find a way to work, but Indonesia’s numbers and population, relying on PCR testing alone is not enough. We need additional testing for Covid-19 and believe that Project Gumnuts technology is the key to bringing the economy and country back,” said Khairudin Gustam, CEO of PIFM, Friday (12/02/2021).

270 million indonesian people are spread over several thousand islands. Indonesia currently has the highest number of cases, positivity and death rates in Southeast Asia.

Recently, the first phase of testing for Project Gumnuts was completed and achieved initial sensitivity values ​​of 91% and specificity of 85%. Further optimization studies are currently being carried out in Spain and Indonesia to obtain World Health Organization (WHO) standards.

“We are proud to be involved in the development of Achiko and look forward to the availability of gumnut for Indonesians, as the cheapest rapid test is still too expensive for everyday use. The price and simplicity of gumnuts will allow millions of people to test themselves almost every day. Gumnuts will be an important tool to stop the spread of Covid-19 and other pathogens and defeat them,” said the Mayor of Pekanbaru in Indonesia, Dr. H. Firdaus S.T., M.T.

Achiko owns 50% of the Joint Venture PT Achiko Medika Indonesia, which was registered last Friday (12/02/2021). PIFM and Achiko will jointly produce and assemble the Project Gumnuts test kit for the Indonesian market. PIFM does distribution and marketing and Achiko receives a license fee of 10% of gross revenue. When new tests are developed, they are put together in the same way and sold in the country.

Part of this joint venture are contracts with PT Mitra Asa Pratama (Mitra) and letters of intent with PT Pharos Indonesia (Pharos) and several other companies, subject to regulatory approvals. As a leading distributor of medical and diagnostic equipment in Indonesia, with established contacts with government and healthcare institutions as well as the retail market, Partners will support distribution and marketing.

Pharos is one of the largest pharmaceutical groups in Indonesia with the reach of the two largest pharmaceutical groups in the country. Pharos develops and markets innovative products in Indonesia and other countries in Southeast Asia and has manufacturing facilities in Indonesia, Singapore and Vietnam. They will be in charge of production, sales and marketing. The Company also began to enter into various other commercial agreements in Indonesia.

“We are very happy to be a part of the fight against Covid-19 and look forward to working with Achiko and PIFM to bring this platform to market in the first half of 2021, once approval from the Ministry of Health is obtained,” said Ida Nurtika, director of corporate communications at PT. Pharos Indonesia.

“The need for effective and efficient diagnostic tools is increasing sharply. We are proud to use our expertise in the distribution in the healthcare sector to support the Achiko team in this very important initiative to help the people of Indonesia together overcome this pandemic,” said Mitra CEO, Victory Theodorus.

Steven Goh

Steven Goh, CEO of Achiko, added, “This joint venture is an important milestone for Achiko and a pioneer for future applications in product registration and approval in Indonesia. With PT Achiko Medika Indonesia we have some of the best partners to develop a testing platform based on Project Gumnuts – first with version 1.5 of our product and then with more to follow. With comprehensive, cheap, fast and almost universal tests, we can help Indonesia beat the Covid-19 pandemic,” he said.

The next step is the completion of regulatory approvals, integration of technology in test kits and marketing them as soon as possible.

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