Forest Holdings

What Forest Holdings does

Forest Holdings (株式会社フォレストホールディングス) is a Japanese private holding company established in 2008 as the pure holding company for the Forest Group, a diversified healthcare distribution enterprise with roots tracing back to 1879. The group operates through wholly-owned subsidiaries spanning medical pharmaceutical wholesale (Astem, Dai-ko Okinawa, Fujimura Yakuhin), general OTC and consumer health distribution (Reed Healthcare, Kenmin, StarNet), animal health and aquaculture products (Sun Daiko), pharmaceutical manufacturing (Usuki Seiyaku, Soken), and supporting services including medical waste collection (Medi-clean), shared corporate services (Forest Service), and integrated team medical safety systems (SafeMaster).

The group's primary revenue stream is the wholesale distribution of prescription pharmaceuticals, medical devices, and OTC products to medical institutions, dispensing pharmacies, drug store chains, animal hospitals, and fisheries cooperatives across the Kyushu, Okinawa, and Chugoku regions of Japan. Group consolidated revenue reached 458.5 billion JPY for the fiscal year ending March 2021, supported by approximately 2,194 consolidated employees plus 2,379 temporary/fixed-term workers. The go-to-market is primarily direct field sales via Astem's MS (Marketing Specialist) network that works alongside manufacturer MRs, complemented by the Ashinokai joint operating platform with eight other regional wholesalers, group retail chains, and a growing owned e-commerce channel across multiple brand storefronts.

The business model is fundamentally transaction-based wholesale distribution, supplemented by shared services (Forest Service generates insurance agency commissions, vehicle maintenance, NTT Docomo agency, and equipment sales). The holding company has pursued incremental diversification into branded consumer products (SUNA hair care, MRE supplements, ohana Honpo organic produce, Ikegame Shuzo sake/shochu), data services (Bridge JV with Data Horizon, 2019), and regenerative medicine distribution infrastructure (SB623 five-party alliance, 2018). Geographic reach is concentrated in Kyushu-Okinawa with a single overseas entity in Indonesia (Sun Daiko, 2015) that has not scaled.

Name

Forest Holdings

Legal name

株式会社フォレストホールディングス

Website

https://f-hd.jp

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Forest Holdings is a Japanese private holding company operating a Kyushu-Okinawa focused healthcare distribution group that wholesales prescription pharmaceuticals, medical devices, OTC products, and animal medicines to medical institutions, pharmacies, and retailers through multiple subsidiaries.

Ownership category

akta.pro rank

Headquarters

HQ city

Hakata

HQ country

Japan

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Marketing or Sales, Infrastructure, Technology or R&D, Others

Revenue model

1. Pharmaceutical & Medical Device Wholesale Distribution: The primary revenue stream comes from wholesale distribution of pharmaceutical products and medical devices. The group operates multiple subsidiaries covering medical pharmaceuticals (prescription drugs), OTC/general-use pharmaceuticals, animal pharmaceuticals, and healthcare/consumer goods. Group consolidated sales were 458.5 billion yen (March 2021).
2. Shared Services (Forest Service): Forest Service (a direct subsidiary of the holding company) generates revenue from insurance agency commissions (property, life, auto), vehicle maintenance and leasing, NTT Docomo agency sales, and equipment sales — serving group companies and regional corporate clients. Forest Service reported 384 million yen in revenue (March 2022 fiscal year).

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Forest Holdings operates as a pure holding company for a comprehensive health enterprise group that wholesale distributes prescription pharmaceuticals, medical devices, OTC/general-use medicines, animal pharmaceuticals, aquaculture products, and health/consumer goods across the Kyushu-Okinawa region of Japan through wholly-owned subsidiaries including Astem, Reed Healthcare, Sun Daiko, Dai-ko Okinawa, and Fujimura Yakuhin. The group also manufactures health supplements (MRE brand) and organic agricultural products, runs retail pharmacy chains (Kennmin, StarNet), and provides shared services such as insurance agency, vehicle maintenance, and NTT Docomo agency sales through Forest Service.

Product overview

Forest Holdings operates as a holding company for a diversified healthcare group with a balanced portfolio spanning manufacturing, wholesale distribution, and retail operations. The group distributes prescription pharmaceuticals and medical devices through Astem, Dai-ko Okinawa, and Fujimura Yakuhin; provides animal medicine and aquaculture products through Sun Daiko; retails OTC medicines and health products through Reed Healthcare, Kenmin, and StarNet; manufactures health supplements (MRE), OTC products, and organic foods; and offers supporting services including medical waste collection, shared services (insurance, vehicle maintenance, telecom), and e-commerce platforms. The portfolio includes proprietary brands such as MRE supplements, SUNA hair care, SafeMaster medical safety systems, and ohana organic produce.

Differentiator

Problem solved

Functional benefit

Brands

• SUNA: Hair care brand launched nationally in January 2021 by リードヘルスケア in partnership with NIL
• MRE

Products and services

• Medical Pharmaceutical and Medical Device Wholesale Wholesale distribution of prescription pharmaceuticals, medical devices, diagnostic equipment, and medical IT solutions to hospitals, clinics, and dispensing pharmacies through subsidiary Astem and related entities (Dai-ko Okinawa for Okinawa and Fujimura Yakuhin for Nagasaki). Sales coverage extends across the full Kyushu-Okinawa region.
• Animal Medicine and Aquaculture Product Distribution Distribution of veterinary pharmaceuticals, aquaculture medications, companion animal products, livestock feed supplements, and food and cosmetic additives to animal hospitals, dairy farms, fishery cooperatives, and aquaculture operators through subsidiary Sun Daiko.
• OTC and Consumer Health Product Wholesale Wholesale distribution of over-the-counter medicines, health supplements, cosmetics, and daily goods to drug stores, mass retailers, and supermarket chains through subsidiary Reed Healthcare, including selective product development (e.g., SUNA hair care).
• MRE Health Supplements Health supplements formulated with MRE (Metabolically Resistant Enzyme) ingredients developed by subsidiary Soken, backed by clinical studies on immune activation and atopic dermatitis applications; sold through group retail brands including KENKO SAKAS.
• SUNA Hair Care Brand Hair care brand developed through joint collaboration between Reed Healthcare and NIL (capital and business partnership partner), featuring color treatment products and nationally launched in January 2021.
• SafeMaster Medical Safety System Integrated team medical and safety management system developed and sold by subsidiary SafeMaster for use by healthcare facilities.
• ohana Honpo Organic Produce Agricultural production of organic crops cultivated without pesticides or chemical fertilizers, produced and retailed under the ohana Honpo brand.
• Forest Service Shared Services Shared services for Forest Group companies and regional corporate clients covering insurance agency (property, life, auto), vehicle leasing and maintenance, NTT Docomo agency sales, and electrical equipment sales/installation/repair; reported ¥384 million revenue (March 2022 fiscal year).
• Medical Waste Collection (Medi-clean) Collection and transportation of medical waste from healthcare facilities, operated by subsidiary Medi-clean.
• Ikegame Shuzo Sake and Spirits Production and direct-to-consumer sale of sake, shochu, and liqueur from brewery Ikegame Shuzo within the Forest Group portfolio.
• KENKO SAKAS E-commerce Online retail of diet support products, health supplements, OTC medicines, and beauty products operated by subsidiary StarNet.

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

18 partnerships are on record, tiered minor.

• Kyushu University Urban Research Center (九州大学都市研究センター)minorStrategic or Co-development Partner · 20 January 2022Three-party partnership between Forest Holdings, Kenko Shihan (健康資本) — a jointly established company — and Kyushu University Urban Research Center, announced January 2022. Focused on collaborative urban/health research.
• PMT Council (PMT協議会)minorOthers · 22 February 2021Forest Holdings joined the PMT (Pharmaceutical Manufacturing and Training?) Council as a participating member, announced February 2021.
• NIL Co., Ltd. (株式会社NIL)minorStrategic or Co-development Partner · 28 January 2021Joint brand development partnership with Reed Healthcare for the SUNA hair care brand, which launched nationwide in January 2021.
• Matsuda Shoji Co., Ltd. (松田商事株式会社)minorStrategic or Co-development Partner · 25 December 2019Capital and business partnership between Sun Daiko and Matsuda Shoji (Miyazaki-based company), announced December 2019. The partnership was disclosed via an official news release on the Forest Holdings IR page.
• Data Horizon Co., Ltd. (株式会社データホライゾン)minorStrategic or Co-development Partner · 17 June 2019Joint investment by Astem and Data Horizon to establish new company 'Bridge' (株式会社ブリッジ), announced June 2019. Also part of a consortium arrangement (October 2018).
• Bridge Co., Ltd. (株式会社ブリッジ)minorStrategic or Co-development Partner · 17 June 2019New company jointly established by Astem and Data Horizon as a joint venture, announced June 2019.
• Sambio Co., Ltd. (サンバイオ株式会社)minorStrategic or Co-development Partner · 10 September 2018Five-company capital and business alliance including Sambio, Care Net, Medical Incubator Japan, Vital KS Holdings, and Astem for the proper use, promotion, and stable distribution of regenerative cell medicine SB623.
• Care Net Co., Ltd. (株式会社ケアネット)minorStrategic or Co-development Partner · 10 September 2018Capital and business alliance with Sambio, Medical Incubator Japan, Vital KS Holdings, and Astem for SB623 regenerative cell medicine.
• Medical Incubator Japan Co., Ltd. (株式会社 MEDICAL INCUBATOR JAPAN)minorStrategic or Co-development Partner · 10 September 2018Capital and business alliance for SB623 regenerative cell medicine distribution, involving Sambio, Care Net, Vital KS Holdings, and Astem.
• Vital KS Holdings Co., Ltd. (株式会社バイタルケーエスケー・ホールディングス)minorStrategic or Co-development Partner · 10 September 2018Capital and business alliance for SB623 regenerative cell medicine, involving Sambio, Care Net, Medical Incubator Japan, and Astem.
• BML Co., Ltd. (株式会社BML)minorStrategic or Co-development Partner · 1 January 2011Joint investment by Forest Holdings and BML (Tokyo-based) to establish a joint holding company, QOL, in 2011. RITEC became a subsidiary of QOL.
• Core Create System Co., Ltd. (株式会社コア・システム)minorStrategic or Co-development Partner · 1 January 2008Capital and business partnership between Astem and Core Create System (Miyazaki City), established 2008.
• NPC Co., Ltd. (株式会社NPC)minorStrategic or Co-development PartnerJoint venture company established in 2012 by Sun Daiko and MCK (Morikubo Pharmaceuticals) with NPC's Tokyo headquarters.
• Okichiku Shoji Co., Ltd. (株式会社オキチク商事)minorStrategic or Co-development PartnerCapital partnership with Okichiku Shoji (Okinawa) established by Sun Daiko in 2015.
• Green Environmental Material Co., Ltd. (株式会社グリーン環境マテリアル)minorStrategic or Co-development PartnerAffiliate company of Sun Daiko established in 2012, based in Kagoshima.
• Kyushu Open Laboratories Co., Ltd. (株式会社九州オープンラボラトリーズ)minorStrategic or Co-development PartnerListed as a partner company of the Forest Group, serving as an ecosystem partner.
• Medic Co., Ltd. (株式会社メディック)minorStrategic or Co-development PartnerListed as a partner company of the Forest Group.
• Reed Specialties Co., Ltd. (株式会社リードスペシャリティーズ)minorStrategic or Co-development PartnerListed as a partner company of the Forest Group, related to Reed Healthcare.

Scale indicators4 records

Recent moves7 records

Expansion highlights6 records

Others

• Sawai Group Holdings: Japanese generic pharmaceutical manufacturer that supplies into the same wholesale channel as Forest Holdings' subsidiaries. Not a direct competitor but a key upstream supplier/customer dynamic that affects wholesale economics and pricing for Forest Holdings.

Broad incumbents

• Medipal Holdings: Japan's largest pharmaceutical wholesaler by revenue (multi-trillion yen), with national distribution and a much broader portfolio across prescription, OTC, animal health, and medical devices. Direct overlap in product categories but materially larger scale and national reach.
• Alfresa Holdings: Major national pharmaceutical wholesaler with a diversified portfolio spanning ethical drugs, OTC, diagnostics, and medical devices. Operates nationally across Japan, competing with Forest Holdings' subsidiaries for manufacturer allocations and institutional contracts.
• Suzuken: One of Japan's top three pharmaceutical wholesalers, operating a national distribution network across prescription pharma, diagnostics, and medical devices. Comparable business model and customer base, but at substantially greater scale than Forest Holdings.

Direct peers

• Vital Net: Regional Japanese pharmaceutical wholesaler and existing Ashinokai consortium partner alongside Astem. Closely comparable in size, regional positioning, and product mix, with overlapping Kyushu and national reach via the joint operations platform.
• Chokuryu Drugs: Mid-sized regional pharmaceutical wholesaler participating in the Ashinokai consortium with Astem. Similar business model (Rx pharma distribution) and customer base (hospitals, clinics, dispensing pharmacies) at a comparable scale to Forest Holdings' operating subsidiaries.
• Toho Holdings: Japanese pharmaceutical wholesaler with a regional focus and similar vertically integrated business model. Operates in a comparable revenue range and serves overlapping institutional customer segments in Japan, making it the closest publicly listed comparable to Forest Holdings.

Regional players

• Iwabuchi Drugs: Regional pharmaceutical wholesaler participating in the Ashinokai joint operations platform with Astem. Operates in adjacent geographies with comparable Rx distribution economics, providing a useful regional benchmark.
• Nakakita Drugs: Osaka-based regional pharmaceutical wholesaler and Ashinokai consortium partner. Operates a similar prescription drug distribution model but is geographically concentrated in Kansai rather than Kyushu, with limited direct overlap on customers.
• Hokuyaku: Hokkaido-based pharmaceutical wholesaler and Ashinokai consortium partner alongside Astem. Operates in a different geography but with a comparable regional wholesaler business model targeting institutional medical customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Instagraminstagram.com/itsumonokouso
• Facebookfacebook.com/itsumonokouso

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Forest Holdings