Empirical study on the relationship between government subsidies and innovation efficiency of rare disease drug companies
ZHAI Jin-long
FU Shu-yong
Abstract：Objective:To explore the relationship between government subsidies and innovation efficiency of rare disease drug companies.Methods:This study is based on the panel data of 16 selected rare disease drug pharmaceutical listed companies from 2018 to 2023.Firstly,dynamic and static efficiency analysis was conducted using data envelopment analysis(DEA),and secondly,empirical analysis was conducted using benchmark regression and semi-parametric estimation models.Results:In the DEA results,only Shanghai Pharmaceutical's efficiency value was 1.000,and 56.25%of the enterprises showed a decreasing trend in efficiency,with an average annual decrease of 0.070%in total factor productivity.In the benchmark regression analysis,the regression coefficient of government subsidies was-0.087,which is significant at the 5%level.In the semi-parametric analysis,the partial derivative of government subsidies on innovation efficiency was an exponential change.Conclusion:Except for Shanghai Pharmaceutical,the innovation efficiency of other enterprises has not reached an effective state,showing an overall decreasing trend in efficiency.The current government subsidies have failed to achieve the effect of effectively improving the level of innovation efficiency of pharmaceutical enterprises.Therefore,the relevant government departments must formulate incentive policies for rare diseases,provide government subsidies on an ongoing basis,and gradually improve the R&D efficiency of domestic pharmaceutical enterprises in the development of drugs for rare diseases.
Keywords：government subsidiesrare diseasesinnovation efficiencydata envelopment analysissemi parametric estimation
Publication Date：2025-08-03
Online Publishing Date：2026-08-14(First online date of this platform, not the publication date of the document)
Pages：7( 1697-1703 )