THE EFFECT OF JKN-KIS PROGRAM BY BADAN PENYELENGGARA JAMINAN SOSIAL KESEHATAN TO FINANCIAL PERFORMANCE OF INDONESIA LISTED PHARMACEUTICAL COMPANIES

• Main Author: Rahmawati Suherdi, Nurani
• Format: Final Project
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/39574
• Institution: Institut Teknologi Bandung

The establishment of BPJS Kesehatan with their program of JKN-KIS in 2014 has made an impact to the pharmaceutical companies in Indonesia due to its low-price procurement model and the deficit problem that the BPJS Kesehatan overcome. BPJS Kesehatan is an institution that obliged by Indonesian government to manage the national health insurance program, to ensure all of the Indonesian citizen have access to affordable healthcare. The procurement process that is done through election, makes only the cheapest product can win the tender process to become BPJS Kesehatan medicine supplier. With the market price that affected by the low price offered by BPJS Kesehatan, this program has impacted the pharmaceutical companies both directly and indirectly. This research study the impact of BPJS Kesehatan policy to the financial performance of seven listed Indonesia pharmaceutical companies, which are Darya Varia (DVLA), Indofarma (INAF), Kimia Farma (KAEF), Kalbe Farma (KLBF), Merck (MERK), Pyridam Farma (PYFA), and Tempo Scan Pacific (TSPC). The financial performance maeasured by financial ratios that measure profitability, asset management, liquidity and solvency. It measured by eight financial ratios, which are gross profit margin ratio, operating profit margin ratio, net profit margin ratio, return on assets ratio, return on equity ratio, total asset turnover ratio, current ratio and debt ratio. The observed period are five years before BPJS Kesehatan (2009-2013) and five years after BPJS Kesehatan (2014-2018). To identify whether there is a difference in financial ratios before and after BPJS Kesehatan, a paired sample t-test or Wilcoxon signed rank test is conducted. The result shows that there is no significant difference between gross profit margin ratio, operating profit margin ratio, net profit margin ratio, return on assets ratio, return on equity ratio, total asset turnover ratio and current ratio before and after BPJS Kesehatan. However, the gross profit margin ratio, operating profit margin ratio, net profit margin ratio, return on assets ratio, return on equity ratio, total asset turnover ratio and current ratio are lower after BPJS Kesehatan, compared to the gross profit margin ratio, operating profit margin ratio, net profit margin ratio, return on assets ratio, return on equity ratio, total asset turnover ratio and current ratio before BPJS Kesehatan. For the debt ratio, it is indicated that there is a significant difference of debt ratio before and after BPJS Kesehatan. It shows that the debt ratio after BPJS Kesehatan is higher compared to the debt ratio before BPJS Kesehatan. Based on these findings, the government is suggested to reconsider the policy related to BPJS Kesehatan, and involving pharmaceutical companies while formulating the policy to ensure positive impact to all parties involved. The BPJS Kesehatan partner hospital also suggested to manage its cash better, to ensure the medicine payment to major pharmaceutical supplier can be paid on time. The pharmaceutical companies also suggested to determine ideal proportion between product that serve BPJS Kesehatan and product that serve public in general. Pharmaceutical companies also suggested to keep the efficiency in managing its overall cost, while attempt to do product differentiation to compete in non-BPJS Kesehatan market.