国家医保谈判和药品集中带量采购对制药企业的财务绩效、研发投入强度与销售费用率的影响

Impact of the National Medical Insurance Negotiations and Centralized Bulk-buying of Drugs on the Financial Performance,R&D Investment Intensity,and Sales Expense Ratio of Pharmaceutical Enterprises

目的:探讨国家医保谈判和药品集中带量采购(以下简称“集采”)对制药企业的财务绩效、研发投入强度与销售费用率的影响,为政府完善药品改革提供参考。方法:以2014-2022年我国A股医药制造业上市企业为研究对象,运用描述性统计、熵权法、相关分析和面板数据回归分析,深入探讨了国家医保谈判和集采对制药企业的财务绩效、研发投入强度及销售费用率的影响。结果:国家医保谈判和集采对制药企业偿债能力和盈利能力的影响不显著,然而它与经营能力和发展能力之间呈现出负相关关系,回归系数分别为-0.0327(P<0.01)和-0.0381(P<0.05)。国家医保谈判和集采的实施与制药企业的研发投入强度和销售费用率存在显著的正相关关系,回归系数分别为2.429(P<0.001)和3.157(P<0.05)。结论:国家医保谈判和集采实施后,制药企业的财务绩效普遍下降,但企业的研发投入强度和销售费用率却呈现出上升趋势。政府应该继续优化药品改革政策,保障制药企业可持续发展。同时,制药企业也应积极承担社会责任,响应医药卫生体制改革并调整自身的管理策略,注重研发,降低销售费用支出。

Objective:To explore the impact of the national medical insurance negotiations and centralized bulk-buying of drugs on the financial performance,R&D investment intensity,and sales expense ratio of listed pharmaceutical manufacturing enterprises,so as to provide a reference for the government to improve drug reform.Methods:This article focus on listed pharmaceutical manufacturing enterprises in China's A-share market from 2014 to 2022.Descriptive statistics,entropy weight method,correlation analysis,and panel data regression analysis to study were used to explore the relationship between the national medical insurance negotiations and centralized bulk-buying of drugs and the financial performance,R&D investment intensity,and sales expense ratio of selected pharmaceutical manufacturing listed companies.Results:The national medical insurance negotiations and centralized bulk-buying of drugs had no significant impact on the debt-paying ability and profitability of listed pharmaceutical manufacturing enterprises,but there was a negative correlation between them and their operating and development capabilities.The regression coefficients were-0.0327(P<0.01)and-0.0381(P<0.05).There was a significant positive correlation between the implementation of the national medical insurance negotiations and centralized bulk-buying of drugs and the R&D investment intensity and sales expense ratio of selected pharmaceutical manufacturing listed companies,with regression coefficients of 2.429(P<0.001)and 3.157(P<0.05).Conclusion:After the implementation of the national medical insurance negotiations and centralized bulk-buying of drugs,the financial performance of the selected pharmaceutical manufacturing listed companies in China has generally declined,but their R&D investment intensity and sales expense ratio of these enterprises showed an upward trend.The government should continue to improve the drug reform policies to ensure the sustainable development of pharmaceutical manufacturing enterprises.At the same time,pharmaceutical manufacturing enterprises should actively assume social responsibility,respond to health system reform,and adjust their management strategies,focus on research and development,and reduce sales expenses.