Research On The Impact Of Drug Centralized Volume Procurement Policy On The Innovation Performance Of Listed Pharmaceutical Companies In My Countr

The long-term "sales with gold" model of the domestic pharmaceutical industry has caused the long-term market failure of the pharmaceutical market in China.The problem of fake high prices of generic drugs is prominent,and the pressure of medical insurance funds is high."It is difficult and expensive to see a doctor" has become a livelihood problem that has been difficult to solve.At the same time,the phenomenon of market failure has also led to the lack of innovation motivation of domestic pharmaceutical enterprises.Although the innovation capacity has made progress,there is still a large gap between China and developed countries.In view of this,the national policy of centralized and volume-based drug procurement has a great impact on China’s pharmaceutical industry,which is directly reflected in the substantial reduction of the price of the bid-winning drugs,thus affecting the development strategy of pharmaceutical enterprises,and also to a certain extent affecting the research,development and innovation of pharmaceutical enterprises.In view of this,this paper conducts empirical research on domestic pharmaceutical listed companies in Shanghai and Shenzhen A-share,exploring the impact of the first five rounds of drug centralized volume procurement policies on their innovation performance.Furthermore,it analyzes how drug centralized volume procurement policies affect the innovation performance of pharmaceutical listed companies through two transmission mechanisms: research and development investment and sales expenses.This paper selects the relevant data of the listed pharmaceutical companies in Shanghai and Shenzhen A-share from 2015 to 2021,and uses the methods of literature analysis,multi-period difference-in-differences model,heterogeneity analysis,and intermediary effect model to carry out the research.First of all,this paper selects the number of invention patent applications of listed pharmaceutical enterprises in the current year as the explanatory variable,and takes the interaction of time and policy dummy variables as the core explanatory variable.By constructing a multi-period difference-in-differences model,this paper explores the policy effect evaluation of the volume procurement policy,and obtains the result that the volume procurement policy has an incentive effect on the pharmaceutical listed enterprises through basic regression.Secondly,from the perspective of different regions and different sizes,the research enterprises are grouped to research,and the heterogeneity analysis is carried out to study the impact of the volume procurement policy on their innovation performance.The results show that the innovation performance of enterprises in the eastern region is more significantly affected by the purchase policy with volume;For medium-sized and large-scale pharmaceutical enterprises,the volume procurement policy has a significant incentive effect on innovation.Thirdly,using the intermediary effect model,this paper explores the transmission mechanism of the impact of the volume procurement policy on the innovation performance of pharmaceutical listed companies through two channels: research and development investment and sales expenses.The results show that the volume procurement policy can promote pharmaceutical listed companies to increase the intensity of research and development investment and the proportion of scientific and research personnel,thereby improving innovation performance;At the same time,the volume procurement policy can reduce the sales expense rate of pharmaceutical listed companies,reduce their marketing costs,and improve the innovation performance of pharmaceutical listed companies.Finally,based on the full text analysis,countermeasures and suggestions are proposed from the perspectives of government and enterprises.For the government,it is necessary to continue to improve the procurement policy with volume.First,fully consider the heterogeneity of enterprises and provide targeted policy support;Secondly,improve relevant supporting policies and create a good innovation environment.For enterprises,the implementation trend of the procurement policy with quantity is irreversible,and it is necessary to comply with the implementation of the policy and strive to improve their innovation capabilities.First,enterprises should abandon the old model of sales core and timely change their development strategy;Secondly,enterprises should appropriately expand R&D investment,attach importance to R&D outsourcing and industry-university-research(IUR)cooperation.