[K-Healthcare Goes Global] Aspiring entrepreneur at CG Bio drives innovation in regenerative medicine for Indonesia

Paskalis Wahyu Budi Megantoro always dreamed big. But it was his understanding of execution—the small decisions, the willingness to take risks—that set him apart.

As a teenager in Muntilan, a small town in Central Java, Megantoro started selling T-shirts and books to make extra money. That early hustle led him to a modest fortune of 20 million Indonesian rupiah—about $1,263—and something far more valuable: the satisfaction of exceeding expectations.

Growing up in Indonesia, trauma from motorcycle accidents was a familiar reality—one Megantoro experienced firsthand. With motorcycles being a staple mode of transportation—affordable, nimble, and essential in a nation where cars remain a luxury for most—the prevalence of trauma is high. According to the 2018 Indonesian Basic Health Research, 9.2 percent of the population suffers from injuries.

“Motorcycles are essential, but when an accident leaves bones broken, the recovery process is slow,” said Megantoro, global product manager at CG Bio, a Korean company specializing in regenerative medicine.

He referred to the traditional treatments like autologous bone grafts, which can drag recovery timelines to almost a year. CG Bio, however, is changing the game. Their medical technology accelerates bone formation, shortening recovery time to just three to six months.

In a recent conversation with Korea Biomedical Review, Megantoro reflected on the winding road that brought him to CG Bio—one marked by unexpected turns, bold risks, and a relentless pursuit of innovation.

From language barrier to market leadership

It started with a gamble, he said—a leap of faith in choosing to pursue opportunities abroad.

When the opportunity arose, Megantoro had to choose between Korea and China. He picked Korea for one simple reason. “Korean (language) seemed… easier,” he admitted with a shy laugh. With only a few phrases—“hello” and “thank you”—in his vocabulary, he arrived in a country where everything seemed to move in overdrive: the language, the culture, even the way people crossed the street.

Frustration was frequent, as life in Indonesia felt slower and less urgent. But in Korea, every task was driven by an unyielding sense of efficiency. “Now, I’m someone who wants everything done quickly—just like a Korean,” Megantoro said with a grin.

For the first year and a half, Megantoro threw himself into learning the language. From 9 a.m. to 3 p.m., he attended classes in Cheonan, then studied alone late into the night. 

As a teenager, he had dreamed of becoming a doctor. But when his science scores fell short, his medical aspirations were dashed. Instead of abandoning healthcare altogether, Megantoro pivoted toward entrepreneurship, studying international trade at Dong-A University in Busan. 

In 2021, Megantoro joined CG Bio, a medical device and aesthetics company that had begun its international expansion just two years earlier. It was a critical moment in both his career and Indonesia’s growing demand for health and beauty products. 

At first, Megantoro was tasked with managing both the Philippines and Indonesia—two vastly different markets. When CG Bio shifted focus to Indonesia, the decision mirrored Megantoro’s instincts about his homeland’s untapped potential. "The Indonesian market is growing faster than anywhere else in Southeast Asia,” he said. “As the country’s economic capacity grows, so does the demand for advanced medical technology. There’s so much opportunity here.”

With a population of 270 million—the fourth-largest globally—Indonesia is rethinking its approach to healthcare and aesthetics. While the Covid-19 pandemic briefly slowed the market, it surged back in 2021, reaching $1.95 billion in revenue by 2023 and projected to grow steadily at 6–7 percent annually through 2028.

The aesthetic medical market is growing even faster. By 2022, it reached $234.11 million and is expected to more than double to $450 million by 2028. “As the middle class expands and beauty awareness grows, there’s a collective yearning for youthful, attractive appearances,” Megantoro said. “This has driven an explosive demand for non-surgical cosmetic treatments—Botox, fillers, laser procedures.”

That same year, Indonesia’s halal certification requirements for medical products introduced new challenges—and opportunities. With 87 percent of Indonesia’s population Muslim, the government is requiring halal certification for medical devices by 2026, presenting a unique opportunity for companies like CG Bio.

“We’re preparing for this shift by moving our production site and obtaining halal certification. This will allow us to export to the Middle East and help drive Indonesia’s medical and economic development,” Megantoro said.

The company plans to establish a local Indonesian manufacturing plant. Construction is slated to begin in early 2026, with production technology transfer and certifications expected by late 2027. By 2028, CG Bio aims to achieve good manufacturing practice (GMP) and ISO 13485 certification, firmly rooting its presence in Indonesia. “At CG Bio, we see Indonesia as the second market after Korea," Megantoro said.

Novosis brings new advances to bone regeneration in Indonesia

Before CG Bio's synthetic bone graft substitute Novosis, entered the scene, Indonesians relied heavily on autografts—procedures that were slow and limited in their healing potential. Launched in 2021, Novosis became a game-changer, combining bone morphogenetic protein-2 (rhBMP-2) with hydroxyapatite ceramic to accelerate bone regeneration.

Megantoro played a critical role in its introduction, partnering with PT Kalbe Farma Tbk, Southeast Asia’s largest pharmaceutical group with a market value of 7 trillion won ($5 billion). At the time, Kalbe carried only one CG Bio product—a synthetic bone substitute called Bongros—used to fill gaps in the skeletal system. 

But the company was eager for more, and Megantoro saw an opportunity. He proposed Novosis and set out to educate the market. 

Through academic seminars and hands-on demonstrations, Megantoro’s efforts slowly gained traction. As doctors began to see the benefits of Novosis in spinal fusion and fracture union surgeries, the product's use spread across Indonesia. By the end of 2021, Novosis debuted at the 16th Working Conference of the Indonesian Orthopaedic Association. Just months later, it became Indonesia’s first innovative rhBMP-2 product, catapulting CG Bio’s sales to a record 37 percent year-on-year growth, reaching 129.7 billion won by 2022.

“Education is everything,” Megantoro said, reflecting on his efforts to train Kalbe’s distributors and physicians. “It’s not just about the product—it’s about showing people how it can change lives.” Even today, Megantoro spends his weekends poring over medical literature, refining his understanding of CG Bio’s products.

This hands-on approach to education became a cornerstone of Megantoro's strategy. By empowering doctors with a deep understanding of the science behind Novosis, Megantoro created a sense of trust and reliability that set the company apart from its competitors.

Much of Novosis’ success, he believes, stems from its design. Unlike sponge-like substitutes prone to leakage under pressure—such as Medtronic’s Infuse, a product from the American-Irish medical device giant—Novosis incorporates hydroxyapatite, a biomaterial that mimics human bone for gradual, sustained release over 28 days. “This makes Novosis not only safer but also more effective,” Megantoro explained, highlighting its ability to minimize risks and maximize bone fusion rates with minimal rhBMP-2 usage.

“The key to growth was launching the right products for the market,” Megantoro added. “By establishing a local presence, we could better understand the needs of doctors and patients—and innovate accordingly.” 

One such innovation was CG Bio’s Meet the Master program, a global training initiative that invited medical professionals to Indonesia to share the latest surgical techniques and case studies. Today, Megantoro’s contributions extend beyond product launches. He currently leads a collaborative research project with regional universities exploring 3D printing, AI-driven quality control, and sustainable materials like cellulose-based hydrogels and fish-derived collagen. 

CG Bio’s commitment to Indonesia also encompasses humanitarian initiatives. After the Cianjur earthquake, which devastated parts of Java, the company donated EasyFoam dressings to aid victims. 

Recently, the company opened the Nulook medical aesthetic clinic in Bali, not only offering health services but also supporting local orphans at Panti Asuhan Sekar Pengharapan, where 30 children face healthcare challenges. And in September, CG Bio supplied seven Indonesian hospitals with essential medical supplies, including Easydew MD cream and vacuum-assisted wound therapy products.

“I want to offer the Indonesian market products that improve health and quality of life,” Megantoro said. “CG Bio has allowed me to grow alongside the company, helping me understand not just the business but the deeper needs of this market.”