Event Reports

The Pharmaceutical and Medical Technology Working Group conducted its regular meeting, held on 12 December 2019 at Novartis Indonesia. Together with more than 25 participants, the meeting was opened by Jorge Federico Wagner (Chairman of IPMG, also President Director of Novartis) who shared the insight on how the key priority issues of IPMG linked with the healthcare in Indonesia, namely on intellectual property, local content production, halal implementation, and universal healthcare (JKN) as well as the future impact to pharmaceutical and medical devices industries.

The meeting also shared updates on the follow ups hearing with Commission IX of the House of Representatives, specifically on how to improve and ensure the availability of drug and medical devices for the patient. From the sector policy updates, the group focused on the amendment regulation of 2D Barcode Implementation for the Supervision of Drugs and Foods and also the rules that require company to appoint national trading company in carrying out the business activities. At the end of the meeting, the group discussed issues to be included into the position paper 2020.

On 5 December 2019, EuroCham Finance, Tax, and Investment Working Group held a meeting, which was hosted by PwC, to exchange updates on the new Accounting Standards in Indonesia. Mr. Irwan Lau of PwC acting as speaker on the session. The new Statement of Financial Accounting Standards (PSAK) which has been ratified by the Indonesian Financial Accounting Standards Board (DSAK-IAI), covers: Financial Instruments (PSAK 71), Revenues from Contracts with Customers (PSAK 72), and Lease (PSAK 73). These new standards are as a result of adoption of the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). PSAK 71 is adopted from IFRS 9: Financial Instruments, PSAK 72 is adopted from IFRS 15: Revenue from Contracts with Customers, and PSAK 73 is adopted from IFRS 16: Leases. The overall meeting and discussion were chaired and moderated by the Head of the Working Group, Mr. Omar Abdulkadir of PwC, who also provided brief tax policy updates.