According to East Ventures’s report, the genomics development will unlock the economic potential worth US$100 million.
Heaptalk, Jakarta — An agnostic-sector venture capital firm, East Ventures, has launched a white paper entitled ‘Genomic: Leapfrogging into the Indonesian healthcare future’. Cooperating with Indonesia’s Ministry of Health and Redseer Strategy Consultant, this report aims to provide comprehensive knowledge on genomics’s role in resolving the health system in Indonesia.
The launch of this genomics report was inaugurated by Indonesia’s Ministry of Health, Budi Sadikin. During his keynote speech, he delivered that this white paper is expected to guide numerous stakeholders in taking strategic moves to evolve Indonesia‘s healthcare system and infrastructure in the years ahead.
“Besides many crises, we can observe the opportunities to continue moving forward. For this reason, the Ministry of Health aims to transform the country’s health technology, including biotechnology. I believe East Ventures can use this opportunity to develop a new era of Indonesia’s health system,” said Ministry Budi.
Meanwhile, the Co-Founder and Managing Partner of East Ventures, Willson Cuaca, revealed four pillars to develop genomics fields optimally, covering investment, human resources, and regulations. These points are critical to ensure genomics’ benefit and precision treatment realization, as well as investment channel development to elevate this sector.
According to him, Indonesia has just started the journey in the genomics sector, which is estimated to unlock the economic potential of over US$100 billion. For this reason, Indonesia’s government has stipulated the objective of this genomics —the study of all of a person’s genes (the genome)— aligned with their needed health care needs.
On the other hand, the genomics sector enhancement is forecasted to grow productivity up to US$13.2 billion due to its ability to disclose early detection of diseases. Also, the genomics formulation can contribute to the economy worth US$1 billion due to new employment and data monetization. Meanwhile, implementing genomics on rare diseases can save US$96 billion in the long term.
East Ventures’ support in Indonesia’s healthcare sector
To continue boosting the health industry in the archipelago, this venture capital firm intends to increase its investment in the healthcare industry, as this sector encounters an increased demand for a better healthcare system and tremendous economic advantages in the industry.
According to the company’s report, East Ventures has disbursed funding to over 15 health technology companies, including Nalagenetics and Nusantics startups. This venture capital closed around 105 deals in 2022, covering 85 new portfolio companies and injected seed and growth companies worth US$211.59 million. In addition, East Ventures has also poured funds related to the national agency Biomedical & Genome Science Initiative (BGSi) establishment in August 2022.
“Our investment record around this industry is still relatively small. Thus, we will evolve the company’s record for sure. We have yet to set any target as it will go along with the opportunity that arises,” East Ventures’ Managing Partner, Roderick Purwana, said in a statement.
