Achiko Establishes Joint Venture with PT Indonesia Farma Medis for Production and Distribution of its Test Platform for Covid-19 in Indonesia
ZURICH, Switzerland, Feb. 12, 2021 (GLOBE NEWSWIRE) -- Achiko AG (SWX: ACHI, ISIN CH0522213468) (“Achiko”, the “Company”) and PT Indonesia Farma Medis (“PIFM”) have signed an agreement to establish the joint venture company PT Achiko Medika Indonesia (“PAMI”) for the production, distribution and marketing of its testing platform developed from Project Gumnuts for Indonesia.
Khairudin Gustam, Chief Executive Officer of PIFM said: “As Covid-19 cases across Indonesia have surged past the one million mark and the contagiousness of the disease continues to severely disrupt the economy, the need for mass market testing becomes apparent. The economy needs to find a way to function, but given the size and population of Indonesia, reliance on PCR testing is not enough. Additional testing methods for Covid-19 are needed and we believe the Project Gumnuts technology is a key solution to help the country and the economy get back on their feet.”
Indonesia is a country of over 270 million people spread across several thousand islands. It is currently recording the highest number of cases, rates of positivity and fatality rates in Southeast Asia.
Phase 1 testing for Project Gumnuts has been concluded recently, achieving preliminary values of 91% sensitivity and 85% specificity. Further optimization studies are currently being conducted in Spain and Indonesia to meet the World Health Organizations’ (WHO) standards.
“We are proud to be involved with Achiko’s development and look forward to the availability of Gumnuts for Indonesians, as most low-cost rapid tests are too expensive for daily testing. The price point and convenience that Gumnuts can offer will enable tens of millions of people the ability to test almost daily. This will be a powerful tool in stopping the spread and beating Covid-19 and other pathogens,” said the Mayor of Pekanbaru in Indonesia, Dr. H. Firdaus S.T., M.T.
Achiko holds 50% of the PT Achiko Medika Indonesia joint venture registered today. PIFM and Achiko will jointly manufacture and assemble Project Gumnuts test kits for the Indonesian market, with PIFM tasked with the distribution and marketing, and Achiko earning a 10% licensing fee from gross sales. As new tests are developed, they will be similarly assembled and sold in the country.
Part of the joint venture is a contract with PT Mitra Asa Pratama (“Mitra”) and a memorandum of understanding with PT Pharos Indonesia (“Pharos”), along with several other companies, which are all subject to regulatory approval. Mitra is a leading distributor of medical and diagnostic devices in Indonesia, with vast network reach into government, healthcare institutions and retail markets, and will help with further distribution and marketing. Pharos is one of Indonesia’s largest pharmaceutical conglomerates with reach into two of the biggest pharmacy groups in the country, developing and marketing innovative products in Indonesia and other countries in Southeast Asia, with manufacturing facilitie in Indonesia, Singapore, and Vietnam. They will be responsible for assembly, distribution, and marketing. The Company has also started to engage in several other commercial arrangements in Indonesia.
“We are excited to be part of the fight against Covid-19 and all its successors and look forward to working with Achiko and PIFM to get this platform to market in the first half of 2021 as soon as the approval from the Ministry of Health is secured,” said Ida Nurtika, Director of Corporate Communication at PT Pharos Indonesia.
“The need for an effective and efficient diagnostic tool is increasing dramatically. We are proud to be able to use our expertise in healthcare distribution to help Achiko’s team deliver on this very important initiative, to collectively help the people of Indonesia manage this pandemic,” said Mitra’s Chief Executive Officer, Victory Theodorus.
Next steps see the completion of regulatory approvals, getting the technology into test kits and moving them into the market as soon as practicable.
ABOUT ACHIKO AG
The current development of our patent pending diagnostic testing for Covid-19 (Project Gumnuts) provides an easy and effective way that enables people to obtain the information they need and require. Complemented by our mobile check-in app (Teman Sehat), we empower users to manage their diagnostic experiences on their own terms, safeguard their privacy, share experiences, obtain passport verification and find community.
Achiko holds exclusive commercialisation rights to the technology underlying Project Gumnuts from Regenacellx.sl. It may be used to detect all types of Covid-19, but also many other pathogens. Achiko is looking forward to the completion of regulatory approval and getting the technology to market as quickly as possible, applying it in an array of test kits and other assay formats.
Headquartered in Zurich, we have offices in Hong Kong, Jakarta, Singapore, and Seoul. For more information, visit www.achiko.com
ABOUT PT INDONESIA FARMA MEDIS
PIFM provides supply chain solutions for distributing medical products and helps companies seeking market entry navigate the complexities of the Indonesian market. For more information, visit: https://indofarmamedis.com
ABOUT PT MITRA ASA PRATAMA
It has been a long-standing part of our strategic vision to be able to build a vertically integrated company, where every business unit shares the same dedication to customer service. We firmly believe that service levels must always exceed expectations so that our clients, the medical professionals, can concentrate on the very important business of caring for patients. For more information, visit: https://mitraasa.co.id/
ABOUT PT PHAROS INDONESIA
The company was established on September 30, 1971 by Dr. Eddie Lembong, a visionary entrepreneur who wanted to build a modern, efficient, high quality, Indonesian pharmaceutical company. Dr. Lembong’s plan was realized early and today Pharos remains one of Indonesia’s leading pharmaceutical companies.
On June 30, 1990 Pharos became the first Indonesian company to receive a certification of the local version of GMP (CPOB), confirming Pharos’ ‘no compromises’ manufacturing standards. Currently, Pharos and its subsidiaries employ more than 5,000 talents across Indonesia. For more information, visit: http://www.pharos.co.id/
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