Indonesia have moved towards the universal healthcare coverage system since 2014, under “Jaminan Kesehatan Nasional” (JKN) and was implemented by “Badan Penyelenggara Jaminan Sosial-Kesehatan” (BPJS-K) to cover entire population. However, during the implementation, BPJS-K have suffered of financial deficit due to limited funding from the government. This has impacted BPJS-K in managing medical service reimbursement to the healthcare providers, which makes pharmaceutical companies were suffered of financial pressure.The purpose of this study was to analyze the financial performance of listed pharmaceutical companies in Indonesia, between four years b efore and after JKN. There were six companies observed: PT. Darya-Varia Laboratoria, PT. Kalbe Farma, PT. Indofarma, PT. Kimia Farma, PT. Merck, and PT. Merck Sharp Dohme Farma. The data were collected from audited financial reports during 2010-2018 provided on the official websites. The data were examined using eight financial ratios analysis to assess the financial healthiness, referring to the Decree of State Owned Enterprises Minister No.100/2002. Statistical t-test & Mann-Whitney U test were applied tovalidate on the significant differences of the financial performances. This study discovered there was no significant difference affected by JKN to the financial ratio analysis of the companies. In contrast, Merck Sharp Dohme demonstrated a significant healthiness improvement from Less Healthy to Healthy. Only Kimia Farma discovered the financial ratios declining, such as Current Ratio, Inventory Turnover, Total Asset Turnover and Total Equity to Total Asset Ratio. When compared between the three Company groups, was found that state-owned company have the weakest healthiness level, but no significant difference between private domestic and multinational group.Further studies were recommended to answer why the state owned company became the weakest group, how private companies should perform to overcome the price erosion challenge, and how the product portfolio selection was impacting to the financial performance.
Keywords: Jaminan Kesehatan Nasional, Financial Ratio Analysis, StateOwned Enterprise Minister Decree, Inferential Statistics.