ArticleInternational journal of environmental research and public health2021
Will the Volume-Based Procurement Policy Promote Pharmaceutical Firms' R&D Investment in China? An Event Study Approach.
Article in International journal of environmental research and public health, 2021. The graph could read no effect estimate from its abstract, so it casts no vote on the map. Cited by 12 papers.
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Who cites it
12 citing papers in PubMed.
- Analysis of the impact of national centralized volume-based procurement drug policy on the market dynamics of tuberculosis drugs.BMC health services research · 2026Article
- Impact of combined medication payment management policies on population health performance.PloS one · 2026Article
- Heterogeneous stock market responses to pharmaceutical policy events across subsectors and time scales: Evidence from China.PloS one · 2026Article
- Changes in Clinical Trials of Dermatological Drugs in Mainland China Between 2016 and 2022: A Narrative Review.Therapeutic innovation & regulatory science · 2025Review
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- Choice intention for the national volume-based procurement drug and its associated factors: a cross-sectional study on patients with late-life depression in China.BMC psychiatry · 2024Article
- Does China's national volume-based drug procurement policy promote or hinder pharmaceutical innovation?Frontiers in pharmacology · 2024Article
- Administrative regulation-informed analysis of the developmental path of national volume-based procurement to improve drug accessibility in China.Frontiers in public health · 2024Article
- Impact of National Centralized Drug Procurement policy on chemical pharmaceutical enterprises' R&D investment: a difference-in-differences analysis in China.Frontiers in public health · 2024Article
- The pan-Canadian Tiered Pricing Framework and Chinese National Volume-Based Procurement: A comparative study using Donabedian's structure-process-outcome framework.Journal of global health · 2023Article
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5 authors.
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Abstract
Innovation is the key to the development of the pharmaceutical industry. The pilot program of China's "4 + 7" volume-based procurement policy ("4 + 7" procurement policy) brings the drug price back to a reasonable level through trading procurement quantities for lower drug prices. The policy manages to reduce the burden of the health care system, improve efficiency, and push the pharmaceutical industry to transform and update from the era of high gross profit of generic drugs to innovative drugs. So far, few studies have investigated the influence of the volume-based procurement policy on the innovation of pharmaceutical firms. By combining the event study and Difference-in-Difference (DiD) methodology, this study finds that the abnormal return (AR) of firms with high R&D intensity is lower than that of firms with low R&D intensity during the event window period. Moreover, further analysis identifies the moderating effect of firm size and firm type. Specifically, the results show that the negative influence of high R&D intensity on abnormal return (AR) during the announcement of the "4 + 7" procurement policy is stronger in large firms and innovative pharmaceutical firms. Finally, we discuss the policy implications of our study.
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