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All Journal Multidiciplinary Output Research for Actual and International Issue (Morfai Journal)
Maria Rezitadina
Institut Teknologi Bandung
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Engineering Environmental Science Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Materials Science & Nanotechnology Social Sciences Other

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STRATEGIC PORTFOLIO MANAGEMENT FOR PHARMACEUTICAL SOES: A COMPARATIVE STUDY OF NPD MANAGEMENT IN INDONESIA’S JKN ERA Maria Rezitadina; Utomo Sarjono Putro
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 6 No. 1 (2026): Multidiciplinary Output Research For Actual and International Issue
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/morfai.v6i1.4657

Abstract

According to Indonesia's Ministry of State-Owned Enterprises' strategic mandate, all SOEs, including pharmaceutical firms, are required to create economic value. However, pharmaceutical SOEs consistently underperform private and multinational competitors financially, a trend persisting both pre- and post-COVID-19 despite overall industry growth and the challenging JKN pricing system. The 2020 formation of a pharmaceutical SOE holding aimed to boost national resilience, product availability, and innovation, but after four years, financial improvement remains elusive, with the holding company, PT Bio Farma, recording losses from 2022 to 2024. Given that effective portfolio management is vital for pharmaceutical revenue sustainability, this underperformance indicates a core strategic deficiency, making New Product Development (NPD) portfolio management a critical issue. This research employs a mixed-method approach—benchmarking against private and multinational firms, VRIO analysis, and SWOT/TOWS synthesis—to identify structural gaps in strategic evaluation, decision-making, and capability alignment within SOEs. The findings culminate in a Strategic Blueprint proposing the establishment of a central Strategic Portfolio Management Office (SPMO) at the holding level, supported by subsidiary Project Management Offices (PMOs). The blueprint introduces a standardized NPD evaluation framework designed to enhance decision rigor, ensure strategic fit, and align subsidiary activities with core capabilities. This study contributes to strategic management literature by offering a practical, competitive strategy blueprint to improve SOE competitiveness in a regulated, high-pressure market.
Co-Authors Utomo Sarjono Putro