The Impact and Mechanism System of National Centralized Volume-Based Procurement on the Innovation Investment in Pharmaceutical Companies Based on Staggered Difference-in-Differences Model
Xu Zhikai
Meng Guangxing
Abstract：Objective:The impact and mechanism system of the National Centralized Volume-Based Procurement(NCVBP)on innovation investment in pharmaceutical companies.Methods:Based on listed company data from 2015 to 2023,it uses the first eight rounds of NCVBP as a quasi-natural experiment and applies a staggered difference-in-differences model to control the industries and year fixed effects,test the impact of NCVBP on innovation investment in pharmaceutical companies,conduct the parallel trend and placebo test,and verify the robustness of the results.Results:The innovation investment of the winning enterprises was significantly increased by NCVBP.The ratio of Research&Development expenses to operating revenues of winning firms in the next quarter increases by 1.4%.The centralized procurement promotes innovation investment by enhancing the cost efficiency of enterprises and strengthening market competition in the industry.Conclusion:Collective purchasing significantly increases the innovation investment of winning enterprises,the improvement of cost efficiency is an important influence path to improve the innovation investment of enterprises.The industry market competition has a significant moderating effect on the collective purchasing and the innovation investment of enterprises;the national drug collective purchasing system can be improved from the aspects of innovation incentives,communication system,market competition,and so on.
Keywords：National Centralized Volume-Based Procurementstaggered difference-in-differences modelpharmaceutical enterpriseResearch&Development investmenteffect mechanism
Publication Date：2025-05-05
Online Publishing Date：2025-08-15(First online date of this platform, not the publication date of the document)
Pages：6( 80-85 )