ArticleFrontiers in public health2025
Will centralized drug procurement policy improve enterprises' total factor productivity?
Article in Frontiers in public health, 2025. The graph could read no effect estimate from its abstract, so it casts no vote on the map. Not yet cited in PubMed.
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4 authors.
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Abstract
Against the backdrop of China's healthcare reform challenges in drug pricing, this study investigates the impact of the National Centralized Drug Procurement (NCDP) policy implemented in 2018. Employing Difference-in-Differences (DID) methodology on quarterly data from A-share listed pharmaceutical firms (2003-2021, sourced from WIND/CSMAR databases), we demonstrate that NCDP participation significantly reduces Total Factor Productivity . Robustness is confirmed through index substitution, propensity score matching, and lag tests. The negative effect is amplified in non-state-owned enterprises, non-TCM manufacturers, and firms with high analyst coverage. Mechanistically, NCDP suppresses TFP through: (i) tightened financing constraints (↑KZ index) impairing capital allocation efficiency, and (ii) an indirect pathway where short-term R&D surges (↑RD) trigger resource crowding-out effects, compounded by diminished investment efficiency (↑INV), ultimately forming an "R&D→investment inefficiency→TFP↓" transmission chain. To reconcile public welfare objectives with corporate sustainability, we propose dual optimization strategies:
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