The Asian Development Bank (ADB) has invested $12.2 million in Indonesian medical equipment firm PT Jayamas Medica Industri, known as OneMed, to support its expansion.
According to ADB’s press statement on Wednesday, the global bank has subscribed 1 billion shares worth $12.2 million in OneMed’s IPO on the local stock exchange.
The company will use the funds to support OneMed’s expansion plans, which include doubling its manufacturing facilities and national distribution centres, adding 15 new warehouses, and 25 new retail stores.
The availability of affordable medical equipment and supplies is critical for the sustainability and expansion of Indonesia’s national health insurance programme, Jaminan Kesehatan Nasional.
“Developing domestic production is a pivotal step towards self-sufficiency for healthcare in Indonesia,” ADB’s private sector operations department unit head of health and education investments, Aniruddha Patil, said in the statement. “Supporting OneMed will strengthen Indonesia’s healthcare resilience and deliver better health outcomes for its citizens.”
OneMed was listed on the IDX on Tuesday at the same time as Indonesian e-commerce player Blibli. In the IPO, OneMed released 15% shares and raised a funding of 825 billion rupiah.
Established in 2000, OneMed is the largest manufacturer and distributor of medical equipment and supplies in Indonesia, covering 514 cities and 34 provinces. OneMed has a complete portfolio of medical equipment and supplies, including syringes, medical gloves, antiseptics and disinfectants, and infusion sets.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty. Established in 1966, ADB has 68 members — 49 from Asia-Pacific countries.