ANALISIS PENGARUH ANGGARAN KESEHATAN PEMERINTAH DAN BELANJA BPJS PADA KINERJA EMITEN SEKTOR FARMASI DI BURSA SAHAM INDONESIA PERIODE 2015-2017 Iwan Sugianto1, Memen Kustiawan2
Universitas Pendidikan Indonesia
Abstract
ANALYSIS OF THE GOVERNMENT HEALTH BUDGET AND BPJS EXPENDITURE INFLUENCE ON THE PERFORMANCE OF PHARMACY SECTOR ISSUERS IN INDONESIA STOCK EXCHANGE DURING 2015-2017
Iwan Sugianto1, Memen Kustiawan2
Post graduated Students Education University of Indonesia1, Lecture Education University of Indonesia2
Email: sugiantoiwan15@yahoo.com, memen.kustiawan@upi.edu
Management Science Department of Posgraduate School Education University of Indonesia
Abstract
Since January 1, 2014, Indonesia has implemented the National Health Insurance Program Healthy Indonesia Card (JKN KIS), which enables every Indonesian citizen to gain access and guarantee when receiving health services. The government should provide health facilities, health workers, and drugs needed by the service users. The availability and affordability of medicines is one of the important factors that should become governments attention since the national drug consumption reaches 40 (forty) percent of overall health expenditures. Hence, in the last two years (2015-2017), government regulation related BPJS (Social Security Administration Body) for health is considered purposefully affect the current landscape of the pharmaceutical industry. Generic drugs are on the rise, while demands for ethical and branded drugs are stagnant or even declined. However, it does not mean that the OTC and ethical markets are eroded. The big echoes of the JKN program initially gave hope to the pharmaceutical industry to increase sales. The program is believed to increase drug demand. Drug demand is actually increasing and types of drugs needed are also more varied. By 2015, there are 796 items of drugs listed in the e-catalog auction. In 2016 the type of drug auctioned almost doubled up to 1,240 items. Nevertheless, based on the financial statements of pharmaceutical companies listed on the Indonesia Stock Exchange, during the period 2015-2017, the increase in drug sales actually eroded its profit margin. For example, as the largest player in the pharmaceutical sector, Kimia Farmas profit only grew 2.2 percent in 2016. In fact, in 2015 it grew 13.15 percent and in 2014 grew 9.36 percent. So, while still profitable, the growth of the profits seems to be slowing down. This phenomenon is interesting to be studied further, by analyzing the influence of government health expenditure and BPJS on pharmaceutical sector performance in Indonesia Stock Exchange period 2015-2017.
Keywords: Health expenditures, BPJS, generic drugs, performance, pharmaceutical issuers.
