BSD City, January 24, 2024 - The post-pandemic COVID-19 era has brought about new trends in the public health landscape in Indonesia. The significant impact of the pandemic has strengthened public awareness regarding the importance of maintaining health, thereby increasing the demand for more accessible and affordable healthcare access. According to the World Bank, the percentage of Indonesia's public healthcare expenditure to Gross Domestic Product (GDP) has increased from 2.6 percent in 2014 to 3.2 percent in 2022. Still, it remains below average for low-income countries, 4.9 percent. To improve Indonesia's healthcare system, the Ministry of Health has initiated a Health Transformation program covering six pillars: Primary Services, Referral Services, Health Resilience System, Health Financing System, Health Human Resources, and Health Technology.
Collaboration in the private and government sectors is increasingly crucial in transforming the healthcare sector to enhance innovation in the healthcare industry and strengthen healthcare service systems. In support of the government's efforts to advance innovation and improve healthcare access in Indonesia, Living Lab Ventures (LLV), the corporate venture arm of Sinar Mas Land, proudly launched the Biomedical Fund. This initiative supports startup companies in the biomedical field, research centers, biobanks, and health technology. The funding is expected to facilitate the development of more efficient and highly competitive solutions.
Launch of the Biomedical Fund in BSD City
Biomedical Fund was officially launched by Widyasari Prasetyo (VP Incubation & Partnership Living Lab Ventures), Alfons Wijaya (Portfolio Manager Living Lab Ventures), Mulyawan Gani (Chief Transformation Officer Sinar Mas Land), Bayu Seto (Partner Living Lab Ventures), Fadhlan (Investment Manager Living Lab Ventures), and Edmund Carulli (VP Investment Living Lab Ventures) on Monday (01/22) at the Marketing Office of Sinar Mas Land, BSD City.
Chief Transformation Officer of Sinar Mas Land – Mulyawan Gani, stated, "Sinar Mas Land continues to innovate to provide comprehensive healthcare facilities, resources, and services in BSD City. Previously, the company launched the Biomedical Campus in December 2023 to support research activities and introduce other healthcare ecosystem facilities ranging from education to cutting-edge healthcare services. In line with the vision of the Biomedical Campus, Sinar Mas Land, through LLV, now introduces the Biomedical Fund, which is expected to play a role in ensuring that the country's healthcare infrastructure is robust and at the forefront of technological advancements. BSD City can truly become a living laboratory through LLV's participation in the biomedical space within this ecosystem."
Partner at Living Lab Ventures – Bayu Seto, explained, "We are very excited about the launch of the Biomedical Fund today. This initiative is one of LLV's concrete steps in supporting the Indonesian government in realizing the vision of health technology transformation. Through the financial support and mentorship provided, we hope to accelerate the growth and development of startups in the biomedical sector. The Biomedical Fund will provide funding to startups with the potential to bring about positive changes in healthcare provision, including diagnostic technology, health data management, telemedicine platforms, and other innovative solutions. With extensive investment experience in various sectors and stages, we are also confident that this healthcare fund will significantly advance and accelerate health innovation in Indonesia."
Living Lab Ventures Expands Portfolio Related to Innovative Companies
LLV has significantly expanded its portfolio by showcasing leading investments in a number of innovative companies, including Jumpstart, Amoda, and Paper.id, BRIK, and others. LLV's investments are not only limited to the prop-tech sector but also include an agnostic sector approach demonstrating flexibility and sharp insights into breakthrough opportunities. To date, LLV has empowered 27 startups focusing on three main technology aspects: Smart Technologies, Digital Life, and Mobility.
While LLV continues to make strides in the venture capital realm, its innovative approach, diverse portfolio, and strategic collaborations position Sinar Mas Land's venture capital as a rising star. Its commitment to driving positive change, facilitating collaboration, and serving as a catalyst for innovation within the Sinar Mas Land ecosystem strengthens LLV's position as a key player in shaping the future landscape of startups nationally and globally.