Can the separation of marketing authorization from manufacturing authorization stimulate pharmaceutical innovation? Evidence from China's pharmaceutical industry reform
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引用次数: 0
Abstract
Using data from A-share pharmaceutical manufacturing listed companies between 2011 and 2021, this paper constructs a difference in differences (DID) model to systematically analyze the impact of China's Marketing Authorization Holder (MAH) system pilot policy on pharmaceutical enterprise innovation. Our findings indicate that implementing the MAH system can significantly stimulate innovation in pharmaceutical enterprises, both in terms of input and output. Additionally, local intellectual property protection positively moderates the incentive effect of MAH system on pharmaceutical innovation. The results of our heterogeneity analysis further demonstrate that the pilot policy of the MAH system exerts a stronger incentive effect on the innovation behavior of non-state-owned enterprises and enterprises in the growth and mature stage. Moreover, we provide evidence for the long-term impact of MAH system on innovation within pharmaceutical companies.
本文利用2011年至2021年A股医药制造业上市公司的数据,构建了差分(DID)模型,系统分析了中国上市许可持有人(MAH)制度试点政策对医药企业创新的影响。我们的研究结果表明,无论是在投入还是产出方面,MAH 制度的实施都能极大地刺激制药企业的创新。此外,地方知识产权保护对 MAH 制度对医药创新的激励作用具有正向调节作用。我们的异质性分析结果进一步表明,MAH 制度的试点政策对非国有企业以及处于成长期和成熟期的企业的创新行为具有更强的激励作用。此外,我们还提供了 MAH 制度对制药企业创新产生长期影响的证据。
期刊介绍:
Economic Analysis and Policy (established 1970) publishes articles from all branches of economics with a particular focus on research, theoretical and applied, which has strong policy relevance. The journal also publishes survey articles and empirical replications on key policy issues. Authors are expected to highlight the main insights in a non-technical introduction and in the conclusion.