PDF(Pubmed)
Abstract：
In 2018, China began to gradually promote the pilot policy of centralized band purchasing of medicines. Implementing this policy has resulted in a significant decrease in drug prices. However, there needs to be a clear consensus on the impact and mechanism of action on the innovation of pharmaceutical companies. Therefore. Taking the data of Chinese Shanghai and Shenzhen A-share pharmaceutical listed companies from 2016 to 2022 as a sample, this paper empirically investigates the impact of the centralized banded purchasing policy of drugs on the innovation of pharmaceutical enterprises by using a double difference model and further analyzes the mechanism of its action. The results show that implementing the centralized banded purchasing policy can promote pharmaceutical enterprises\' innovation input and output, which is robust under the parallel trend and placebo tests. Further exploring the impact mechanism of the centralized band purchasing policy on pharmaceutical enterprises\' innovation, it can be found that it promotes innovation inputs through three channels: government subsidies, enterprise profits, and operating income. In addition, the impact of centralized band purchasing on enterprise innovation is heterogeneous in terms of region, enterprise nature, and scale. Therefore, the positive effects of the centralized band purchasing policy on promoting innovation in pharmaceutical enterprises should be fully recognized, and enterprise heterogeneity should be taken into account when implementing the policy. This study provides empirical evidence on the implementation effect of the centralized banded purchasing policy and provides lessons for continuously optimizing the policy to promote the high-quality development of pharmaceutical enterprises.
摘要：
2018年，我国开始逐步推进药品集中带量采购试点政策。实施这项政策导致药品价格大幅下降。然而,需要就行动对制药公司创新的影响和机制达成明确共识。因此。以2016-2022年中国沪深A股医药上市公司数据为样本,本文运用双重差分模型实证研究了药品集中带型采购政策对医药企业创新的影响,并进一步分析了其作用机理。结果表明,实施集中带量采购政策可以促进医药企业的创新投入和产出,在平行趋势和安慰剂测试下是稳健的。进一步探索集中带量采购政策对医药企业创新的影响机制,可以发现，它通过三个渠道促进创新投入：政府补贴，企业利润，和营业收入。此外,集中带采购对企业创新的影响在区域上是异质的，企业性质,和规模。因此,应充分认识到集中带采购政策对促进制药企业创新的积极作用，在实施政策时，应考虑企业异质性。本研究为集中带量采购政策的实施效果提供了经验证据,为不断优化政策促进医药企业高质量发展提供了借鉴。
