Price Negotiation in Medical Insurance and the R&D Incentives of Pharmaceutical Companies
Drug regulatory policies and centralized procurement of drugs will affect the innovation of pharmaceutical companies.As an important institutional arrangement in China's medical insurance system,the impact of medical insurance price negotiation on the innovation of pharmaceutical companies is also worthy of attention.Specifically,the medical insurance negotiation between the national medical insurance department and pharmaceutical enterprises is a kind of access negotiation which is based on the inclusion of the national medical insurance drug catalog as the bargaining chip,and the expected amount of the national market as the target amount,while a series of supporting policies and measures have greatly improved the accessibility and sales of medical insurance negotiated drugs.Taking the pharmaceutical companies in A-share listed companies from 2010 to 2021 as research samples,this paper analyzes and tests the impact of drugs entering the medical insurance catalogue through medical insurance price negotiation on the innovation of pharmaceutical enterprises and its mechanism.The empirical test finds that the inclusion of drugs in the medical insurance catalogue through medical insurance negotiation can significantly improve the R&D intensity.The mechanism test shows that the entry of drugs into the medical insurance catalogue can expand potential market demand and send positive signals of product quality and innovation ability to the market which can attract more sufficient funds and more high-quality talents for the enterprises,and then promote enterprise innovation.Further research also finds that due to the lack of competition,drugs without competing products entering the medical insurance catalog are more likely to expand market demand and significantly increase the R&D intensity.Compared with common drugs,high-price and high-burden drugs entered the medical insurance catalog have a more significant impact on enterprise innovation.At the same time,the more drugs enter the medical insurance catalogue,the greater the positive impact on enterprise innovation;There is an"inverted U-shaped"relationship between price cut and enterprise innovation.In other words,if the price cut of drugs entering the medical insurance catalogue is too large,then the R&D intensity is still likely to decline.Compared with the first time that enterprise drugs enter the medical insurance catalog,the promotion effect of re-entering the medical insurance catalog on enterprise innovation is still gradual.Only drugs of growing and mature enterprise entering the medical insurance catalog can improve the level of innovation investment.The introduction of the"Notice on Doing a good job in the Landing of National Medical Insurance negotiation drugs in 2019"can further strengthen the correlation between the entry of enterprise drugs into the medical insurance catalog and the intensity of enterprise R&D investment.The expanded trial also finds that the inclusion of drugs in the medical insurance catalog can improve the reputation of enterprises and enable enterprises to obtain more positive media coverage.Besides,the entry of enterprise drugs into the medical insurance catalogue will force enterprises to improve product quality,reduce production costs and expand market share through technological innovation,which will help enterprises to improve their industry status and ultimately enhance corporate value.The above conclusions have enriched the research literature in the field of the impact of government regulation on innovation.At the same time,this not only provides theoretical support for the medical insurance department to further improve the medical insurance policy,but also provides suggestions for pharmaceutical enterprises to enhance their industry status and market value.
medical insurance negotiationR&D investmentdemand pullsignaling effect
万方数据
维普
