| With the increasing aging of the population,the improvement of the quality of life,the extension of people’s life expectancy,the emergence of innovative medical technologies and many other factors,China’s overall medical expenditure has increased year by year,the burden of the national medical insurance fund has become heavier,and the problem of "expensive medical care" for the people has become increasingly prominent.Therefore,reducing medical insurance expenditures,effectively using medical insurance funds,reducing the burden of patients’ medical care,and benefiting more people are the main goals of the national medical reform,and it is also an important background for the implementation of the national unified drug centralized bidding procurement policy since 2018.From the perspective of the pharmaceutical industry,China’s pharmaceutical industry started late and has a weak foundation.It has the characteristics of low concentration,high degree of homogeneity,and scarcity of imitation-based innovations.In the past,the country’s financial investment in medical care was insufficient,and hospitals used drugs to solve its own operational problems has resulted in high channel costs in the pharmaceutical sales field.In order to reverse this situation,the state implements a centralized drug procurement policy,guarantees the sales volume of bid-winning companies through price cuts,prompts companies to convert huge sales expenses into R&D investment,enhances corporate competitiveness,thereby increases industrial concentration,and promotes the pharmaceutical industry.Based on the most important policy of the pharmaceutical industry in recent years,the national medical centralized procurement is the background to study the impact of centralized procurement policies on the innovation behavior of pharmaceutical companies,especially R&D investment and the number of corporate patents.The oriented model is transformed into an R&D oriented model,and suggestions are made for policy improvement and the development strategy of pharmaceutical companies.This article first summarizes the relevant domestic and foreign theories,sorts out the research on the impact of centralized procurement on corporate innovation behavior,and also reviews the current development of China’s pharmaceutical industry and the history of centralized procurement.On this basis,three hypotheses are proposed.In the empirical part,this paper collects 7-year panel data from 2014-2020 of the main board pharmaceutical listed companies,and draws on the multi-period double difference model,and uses the DID method to conduct research to evaluate the time of centralized procurement of different government drugs.The effect of the implementation of the policy.The results show that:(1)The government centralized drug procurement policy has a significant positive effect on the proportion of pharmaceutical companies’ R&D investment,among which the impact on private pharmaceutical companies is more significant,while the state-owned pharmaceutical companies are not significant;(2)Government centralized drug procurement The policy has no significant impact on the number of patents in pharmaceutical companies;(3)The company’s internal control system has a positive regulatory effect in the government’s centralized drug procurement policy to promote R&D investment;corporate governance has a positive regulatory effect in the government’s centralized drug procurement policy to promote the proportion of R&D investment.Among them,the regulatory effect on private pharmaceutical companies is more significant,but it is not significant for state-owned pharmaceutical companies.Therefore,the centralized procurement policy needs to be further implemented,and specific rules need to be gradually improved.For pharmaceutical companies,from the perspective of the long-term development trend of the industry,innovation and transformation are the key way out,especially for state-owned enterprises. |
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