The national centralized drug procurement policy, as a key initiative in deepening China's healthcare reform, is reshaping the competitive landscape and corporate behavior of the pharmaceutical market. Using a sample of 317 listed pharmaceutical companies in China from 2015 to 2025, this study employs a multi-period difference-in-differences (DID) model to empirically examine the impact of the centralized drug procurement policy on the innovation investment of listed pharmaceutical companies and its underlying mechanisms. The results show that the policy significantly promotes increased innovation investment, a finding that remains robust after a series of robustness tests including parallel trend test, placebo test, variable substitution, intensity DID, and PSM-DID. Examining the mechanisms through which the policy affects innovation investment, it reallocates firm resources from sales to research by weakening marketing channels, compressing the space for non-productive expenditures, intensifying survival pressures and compelling a strategic transformation. The heterogeneity analysis indicates that the stimulating effect is more salient in larger, non-state-owned, and more mature pharmaceutical firms.
Key words
centralized drug procurement /
pharmaceutical companies /
innovation input /
influence mechanism /
empirical study
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