School of Business Administration, Shenyang Pharmaceutical University, Shenyang, China.
Liaoning Province Pharmaceutical and Health Industry Development Strategy Research Base, Shenyang, China.
Front Public Health. 2022 Jun 9;10:902025. doi: 10.3389/fpubh.2022.902025. eCollection 2022.
In 2016, China began to execute the consistency evaluation policy of generic drugs. Many scholars believed that the policy would stimulate pharmaceutical firms to increase R&D investment with a theoretical perspective, but few have conducted empirical studies. Therefore, we conduct a difference-in-differences (DID) model and use panel data of 111 A-share listed pharmaceutical firms from 2012 to 2020 to empirically study the impact of the consistency evaluation policy of generic drugs on pharmaceutical firms' R&D investment intensity. The result shows that the policy has a significant positive impact on the R&D investment intensity of firms with chemical generics, robust under the test for parallel trend test, placebo test, and the propensity score matching and difference-in-differences (PSM-DID) test. In addition, we further analyzed the impact of this policy on the R&D intensity of pharmaceutical firms according to the heterogeneity of enterprise's operational nature, regional distribution and profitability. From the perspective of time changes and the average effect, the R&D investment intensity of private pharmaceutical firms is more affected by the policy than state-owned enterprises; the R&D investment intensity of pharmaceutical firms in the eastern region is more affected by this policy than those in the central and the western; the R&D investment intensity of high-profitability pharmaceutical firms is more affected by the policy than those with low-profitability. The consistency evaluation policy is still being implemented, and its impact on pharmaceutical firms needs to be studied from different empirical research perspectives in the future.
2016 年，中国开始执行仿制药一致性评价政策。许多学者从理论角度认为该政策将刺激制药企业增加研发投入，但很少有实证研究。因此，我们采用双重差分（DID）模型，并使用 2012 年至 2020 年的 111 家 A 股上市制药公司的面板数据，实证研究了仿制药一致性评价政策对制药企业研发投入强度的影响。结果表明，该政策对化学仿制药企业的研发投入强度有显著的正向影响，在平行趋势检验、安慰剂检验、倾向得分匹配和双重差分（PSM-DID）检验下稳健。此外，我们根据企业经营性质、区域分布和盈利能力的异质性，进一步分析了该政策对制药企业研发强度的影响。从时间变化和平均效应的角度来看，政策对私营制药企业的研发投入强度的影响大于国有企业；政策对东部地区制药企业的研发投入强度的影响大于中部和西部地区；政策对高盈利性制药企业的研发投入强度的影响大于低盈利性制药企业。仿制药一致性评价政策仍在执行中，未来需要从不同的实证研究角度研究其对制药企业的影响。
