药品集中带量采购政策对我国医药制造业上市企业创新绩效的影响

Effects of Centralized Volume-based Procurement Policy of Drugs on Innovation Performance of Listed Pharmaceutical Manufacturing Enterprises in China

目的:分析药品集中带量采购政策对我国医药制造业创新绩效的影响,为集采政策进一步完善和常态化推进提供参考。方法:利用2016-2020年我国沪深A股医药制造业上市企业的面板数据,采用描述性统计和回归分析方法进行实证研究。结果:政策实施后,我国医药制造业研发投入强度均逐年增加、销售费用率呈下降趋势,对化学制剂及中药企业的营业利润率影响最大;前两批国家集采对医药制造业研发投入的政策效应系数分别为2.143和2.278(P<0.01),对创新产出的政策效应系数分别为0.357和0.403(P<0.01)。结论:带量采购政策能够提高我国医药制造业的创新绩效。基于此,药企应积极转变发展战略;布局国际化发展道路;扩大研发投入,以及协同CRO企业提升创新效率。

Objective:To analyze the effect of volume-based procurement policy on innovation performance of pharmaceutical manufacturing industry in China,so as to provide reference for further improving and normalizing the policy.Methods:Based on the panel data of Chinese pharmaceutical listed enterprises in Shanghai and Shenzhen A-share markets from 2016 to 2020,this paper made an empirical study by using descriptive statistics and regression analysis methods.Results:After the implementation of the policy,the R&D investment intensity of China’s pharmaceutical manufacturing industry increased year by year,while the sales expense ratio showed a downward trend,and the operating profit ratio of chemical pharmaceutical and traditional Chinese medicine enterprises was most affected.The policy effect coefficients of the first two batches of procurement policies on R&D input of pharmaceutical manufacturing industry were 2.143 and 2.278 respectively(P<0.01),and the policy effect coefficients on innovation output were 0.357 and 0.403 respectively(P<0.01).Conclusion:Volume-based procurement policy can improve the innovation performance of pharmaceutical manufacturing industry in China.Based on this,pharmaceutical enterprises should actively change the development strategy,layout of international development strategy,expand R&D investment,and cooperate with CRO enterprises to improve innovation efficiency.