Persaingan Pasar dan Tantangan Industri Farmasi Halal di Indonesia

Published: Jan 31, 2025

Abstract:

Purpose: This research aims to ascertain the degree of competitiveness and obstacles faced by the Indonesia Stock Exchange-listed halal pharmaceutical sector between 2012 and 2022

Methodology: This study consists of quantitative and qualitative data sources from the financial reports of 10 halal pharmaceutical companies listed on the Indonesia Stock Exchange in 2022, as well as a literature review of the halal pharmaceutical industry. The data collection and analysis technique uses panel data with the Panzar and Roose market competition model approach and a secondary data approach based on a literature review.

Results: Based on research testing, two results were obtained. The first is from the Panzar and Roose models, showing that the halal pharmaceutical industry in Indonesia from 2012 to 2021 was in non-equilibrium and competed in a monopolistic market. The results indicate that pharmaceutical companies use non-price tactics and policies to remain in business. Second, the literature review found that the halal pharmaceutical industry has the potential to increase growth due to the increasing public interest in buying halal products and the existence of mandatory halal regulations under the Halal Product Assurance Organizing Agency (BPJPH) Law.

Conclusion: However, there are obstacles and challenges faced in the development of the halal pharmaceutical industry, such as the limitations of halal-certified medicines, supply chains, raw materials still being imported, and the quality of human resources

Limitations: The limitation of this study is that it only uses financial ratio data including solvency ratios, activities and profitability ratios in 10 pharmaceutical companies and scientific articles about the halal industry. The research does not involve halal pharmaceutical industry players with a direct interview approach.

Contribution: This research is useful for pharmaceutical industry players looking at competition between companies, especially increasing competition instead of price and innovation. It is necessary for the government to implement massive policies in terms of both business supervision and halal products.

Keywords:
1. Competition and Challenges of The Halal Pharmaceutical Industry
2. Panzar and Roose Approach
3. Literature Studies
4. Monopolistic Market
Authors:
1 . Sunarmo Sunarmo
2 . Aisyah Tiar Arsyad
3 . Sisca Debyola Widuhung
How to Cite
Sunarmo, S., Arsyad, A. T. ., & Widuhung, S. D. . (2025). Persaingan Pasar dan Tantangan Industri Farmasi Halal di Indonesia . Bukhori: Kajian Ekonomi Dan Keuangan Islam, 4(2), 121–135. https://doi.org/10.35912/bukhori.v4i2.3558

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References

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    Anuar, N. A. A., Tukiran, N. A., & Jamaludin, M. A. (2023). Gelatin In Halal Pharmaceutical Products. Malaysian Journal of Syariah and Law, 11(1), 64–78. https://doi.org/10.33102/mjsl.vol11no1.344

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    Bikker J.A, K. (2002). Competition, Concentration and their relationship: An Empyrical Analysis of the banking industry. vol 26, 2191-2214.

    Cabanelas, P., Manfredi, L. C., González-Sánchez, J. M., & Lampón, J. F. (2020). Multimarket competition and innovation in industrial markets: Spain and Colombia in comparative perspective. Journal of Business and Industrial Marketing, 35(3), 457–469. https://doi.org/10.1108/JBIM-01-2019-0043

    Chen, X., Li, S., & Wang, X. (2020). Evaluating the effects of quality regulations on the pharmaceutical supply chain. International Journal of Production Economics, 230. https://doi.org/10.1016/j.ijpe.2020.107770

    Chika, O. V., Promise, E., U, I. S., & Werikum, E. V. (2022). Influence of Liquidity and Profitability on Profits Growth of Nigerian Pharmaceutical Firms. Goodwood Akuntansi Dan Auditing Reviu, 1(1), 1–13. https://doi.org/10.35912/gaar.v1i1.1318

    El Moussawi, C., & Mansour, R. (2022). Competition, cost efficiency and stability of banks in the MENA region. Quarterly Review of Economics and Finance, 84, 143–170. https://doi.org/10.1016/j.qref.2021.12.005

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    Noriah Ramli, F. S. (2012). Halal Pharmaceuticals: A Review on Malaysian Standard, MS 2424:2012 (P). Journal of Arts and Humanities (JAH), 1 No.1 (August 2012), 137-142.

    Rakshit, B., & Bardhan, S. (2020). Bank competition in India: revisiting the application of Panzar–Rosse model. Managerial Finance, 46(11), 1455–1477. https://doi.org/10.1108/MF-09-2019-0457

    Rasi, R. Z., Masrom, N. R., Omar, S. S., Ahmad, M. F., & Sham, R. (2017). Withdrawn article: Designing Halal Supply Chain: Malaysia’s Halal Industry Scenarios. MATEC Web of Conferences, 135, 00040. https://doi.org/10.1051/matecconf/201713500040

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    Sri Widyastutu R, A. B. (2013). Kompetisi Industri Perbankan Indonesia. Buletin Ekonomi Moneter dan Perbankan , 417-440.

    Sirat, M., Sunarmo, Husaini, M., Abdurrahman, & Wahyudi, H. (2022). Permintaan dan Struktur Pasar Industri Semen di Kabupaten Pesawaran Lampung (Demand and Market Structure of the Cement Industry in Pesawaran Lampung Regency). Studi Ilmu Manajemen dan Organisasi (SIMO), 3(2), 341–351. https://doi.org/10.35912/simo.v3i2.1508

    Sunarmo. (2018). Market Structure And Competition Of Islamic Banking In Indonesia. In Bulletin of Monetary Economics and Banking (Vol. 20, Issue 3).

    Sunarmo, S., Pardiansyah, E., & Asriyah, A. (2023). Concentration and Competition in the Pharmaceutical Sector in an Era of Challenges. Jurnal Ekonomi Pembangunan, 21(1), 39–48. https://doi.org/10.29259/jep.v21i1.20779

    Tieman, M. (2020). Halal Business Management. In Halal Business Management. Routledge. https://doi.org/10.4324/9781003109853

    Undang - Undang Nomor 33 Tahun 2014 Tentang Jaminan Produk Halal. (2014). Jakarta.

    Wulandari, D. A. (2023). Pengaruh Kebijakan Hutang, Likuiditas dan Profitabilitas Terhadap Kebijakan Dividen: Studi pada Perusahaan Farmasi yang Terdaftar di BEI Tahun 2017-2020. Studi Ekonomi Dan Kebijakan Publik, 1(2), 109–122. https://doi.org/10.35912/sekp.v1i2.1224

    Yanti, N. R., Komalasari, A., & Andi, K. (2022). Pengaruh Profitabilitas, Leverage, dan Struktur Modal terhadap Nilai Perusahaan dengan Kebijakan Deviden sebagai Variabel Moderasi. Goodwood Akuntansi Dan Auditing Reviu, 1(1), 49–65. https://doi.org/10.35912/gaar.v1i1.1476

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  2. Anuar, N. A. A., Tukiran, N. A., & Jamaludin, M. A. (2023). Gelatin In Halal Pharmaceutical Products. Malaysian Journal of Syariah and Law, 11(1), 64–78. https://doi.org/10.33102/mjsl.vol11no1.344
  3. Awaliah Kasri, R., Amalia, N., Miranti Yuniar, A., & Mariz, K. (2023). Opportunities and Challenges for Developing Halal Pharmaceuticals Industry in Indonesia. In International Journal of Halal Research (Vol. 5, Issue 1).
  4. Bikker J.A, K. (2002). Competition, Concentration and their relationship: An Empyrical Analysis of the banking industry. vol 26, 2191-2214.
  5. Cabanelas, P., Manfredi, L. C., González-Sánchez, J. M., & Lampón, J. F. (2020). Multimarket competition and innovation in industrial markets: Spain and Colombia in comparative perspective. Journal of Business and Industrial Marketing, 35(3), 457–469. https://doi.org/10.1108/JBIM-01-2019-0043
  6. Chen, X., Li, S., & Wang, X. (2020). Evaluating the effects of quality regulations on the pharmaceutical supply chain. International Journal of Production Economics, 230. https://doi.org/10.1016/j.ijpe.2020.107770
  7. Chika, O. V., Promise, E., U, I. S., & Werikum, E. V. (2022). Influence of Liquidity and Profitability on Profits Growth of Nigerian Pharmaceutical Firms. Goodwood Akuntansi Dan Auditing Reviu, 1(1), 1–13. https://doi.org/10.35912/gaar.v1i1.1318
  8. El Moussawi, C., & Mansour, R. (2022). Competition, cost efficiency and stability of banks in the MENA region. Quarterly Review of Economics and Finance, 84, 143–170. https://doi.org/10.1016/j.qref.2021.12.005
  9. Garattini, L., & Padula, A. (2018). Competition in pharmaceuticals: more product- than price-oriented? In European Journal of Health Economics (Vol. 19, Issue 1). Springer Verlag. https://doi.org/10.1007/s10198-017-0932-4
  10. Göllü, E. (2017). Impact of product originality and supply chain structure on market share in the pharmaceutical industry. International Journal of Pharmaceutical and Healthcare Marketing, 11(1), 60–79. https://doi.org/10.1108/IJPHM-01-2016-0009
  11. Hasan, Z., & Nurhuda, A. (2023). The Role of Sharia Economic Law in Supporting A Healthy Economic System for Indonesian Communities. Bukhori: Kajian Ekonomi Dan Keuangan Islam, 2(2), 103–110. https://doi.org/10.35912/bukhori.v2i2.1978
  12. Herdiana, Y., & Rusdiana, T. (2022). Indonesian Halal Pharmaceutical: Challenges And Market Opportunities. Indonesian Journal of Pharmaceutics, 3(3), 99. https://doi.org/10.24198/idjp.v3i3.37660
  13. Hijriawati, M., Aliza Putriana, N., Husni Program Studi Apoteker, P., Farmasi Universitas Padjadjaaran, F., & Barat Jl Raya Bandung Sumedang km, J. (n.d.). Upaya Farmasis Dalam Implementasi Uu No. 33 Tahun 2014 Tentang Jaminan Produk Halal.
  14. Huang, L., Lin, Y., Ieromonachou, P., Zhou, L., & Luo, J. (2015). Drivers and Patterns of Supply Chain Collaboration in the Pharmaceutical Industry: A Case Study on SMEs in China. Open Journal of Social Sciences, 03(07), 23–29. https://doi.org/10.4236/jss.2015.37004
  15. Kasri, R. A., Ahsan, A., Widiatmoko, D., & Hati, S. R. H. (2023). Intention to consume halal pharmaceutical products: evidence from Indonesia. Journal of Islamic Marketing, 14(3), 735–756. https://doi.org/10.1108/JIMA-06-2021-0192
  16. Levaggi, R., Moretto, M., Pertile, P., Levaggi, R., Moretto, M., & Pertile, P. (2013). The dynamics of pharmaceutical regulation and R&D investments The dynamics of pharmaceutical regulation and R&D investments *. https://ssrn.com/abstract=2306569
  17. Manuel Palencia, T. A. (2021). Functional and eco-friendly polymers in pharmaceutical applications. Amsterdam: Elsevier.
  18. Minangsari, F., Robiani, B., & Mukhlis, M. (2019). The Efficiency of the Pharmaceutical Industry in Indonesia: A Stochastic Frontier Approach. Jurnal Ekonomi Pembangunan, 17(2), 49–58. https://doi.org/10.29259/jep.v17i2.8949
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  20. Nekha, A. (2023). Halal Pharmaceutical Development in Indonesia. http://journals.smartinsight.id/index.php/IEM/index
  21. Nico Alexander Vizano, A. F. (2020). Halal Medicine Purchase Intention Among South East Asian Consumers. European Journal of Moleculer & Clinical Medicine, 07(07, 2020), 58 - 77.
  22. Ningtyas, P. F., Permana, I., Rosa, E. M., & Jaswir, I. (2022). Halal Medicine Selection Process in Sharia-Certified Hospital. Indonesian Journal of Halal Research, 4(2), 85–96. https://doi.org/10.15575/ijhar.v4i2.16722
  23. Noriah Ramli, F. S. (2012). Halal Pharmaceuticals: A Review on Malaysian Standard, MS 2424:2012 (P). Journal of Arts and Humanities (JAH), 1 No.1 (August 2012), 137-142.
  24. Rakshit, B., & Bardhan, S. (2020). Bank competition in India: revisiting the application of Panzar–Rosse model. Managerial Finance, 46(11), 1455–1477. https://doi.org/10.1108/MF-09-2019-0457
  25. Rasi, R. Z., Masrom, N. R., Omar, S. S., Ahmad, M. F., & Sham, R. (2017). Withdrawn article: Designing Halal Supply Chain: Malaysia’s Halal Industry Scenarios. MATEC Web of Conferences, 135, 00040. https://doi.org/10.1051/matecconf/201713500040
  26. Sancoko. (2011). Industri Perbankan Yang Terkonsentrasi Apakah Tetap Dapat Berkompetisi? Jurnal Vokasi Indonesia , Volume 1.
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  28. Sirat, M., Sunarmo, Husaini, M., Abdurrahman, & Wahyudi, H. (2022). Permintaan dan Struktur Pasar Industri Semen di Kabupaten Pesawaran Lampung (Demand and Market Structure of the Cement Industry in Pesawaran Lampung Regency). Studi Ilmu Manajemen dan Organisasi (SIMO), 3(2), 341–351. https://doi.org/10.35912/simo.v3i2.1508
  29. Sunarmo. (2018). Market Structure And Competition Of Islamic Banking In Indonesia. In Bulletin of Monetary Economics and Banking (Vol. 20, Issue 3).
  30. Sunarmo, S., Pardiansyah, E., & Asriyah, A. (2023). Concentration and Competition in the Pharmaceutical Sector in an Era of Challenges. Jurnal Ekonomi Pembangunan, 21(1), 39–48. https://doi.org/10.29259/jep.v21i1.20779
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  33. Wulandari, D. A. (2023). Pengaruh Kebijakan Hutang, Likuiditas dan Profitabilitas Terhadap Kebijakan Dividen: Studi pada Perusahaan Farmasi yang Terdaftar di BEI Tahun 2017-2020. Studi Ekonomi Dan Kebijakan Publik, 1(2), 109–122. https://doi.org/10.35912/sekp.v1i2.1224
  34. Yanti, N. R., Komalasari, A., & Andi, K. (2022). Pengaruh Profitabilitas, Leverage, dan Struktur Modal terhadap Nilai Perusahaan dengan Kebijakan Deviden sebagai Variabel Moderasi. Goodwood Akuntansi Dan Auditing Reviu, 1(1), 49–65. https://doi.org/10.35912/gaar.v1i1.1476