市场授权持有者 (MAH) 制度对中国制药创新的影响
Shengyan Zhai1, Quan Wang1,2, Zheng Zhu1
1School of Public Health, Peking University, Beijing, People's Republic of China.
Journal of pharmaceutical policy and practice
|September 8, 2025
概括
中国的市场授权持有者 (MAH) 系统通过减少融资限制,促进药品创新. 管理激励措施进一步增强了这一效应,推动了该行业的研发投资.
科学领域:
- 制药行业 制药行业 制药行业
- 卫生经济学 卫生经济学
- 创新政策 创新政策
背景情况:
- 中国在2019年实施了市场授权持有者 (MAH) 系统,将药物营销和生产授权分开.
- 这一改革旨在促进中国制药行业的创新.
研究的目的:
- 评估许可证持有者制度对中国制药创新的影响.
- 调查融资约束和管理激励在这个过程中的作用.
主要方法:
- 使用倾向得分匹配差异差异 (PSM-DID) 设计.
- 分析了134家A股上市制药企业 (2009-2023) 的数据.
- 该研究纳入了1310个观察结果,以评估该政策的影响.
主要成果:
- 持有者系统显著增加了研发投资 (DID系数为0.5394).
- 企业规模与R&D负相关,而Tobin的Q和Top10的份额与R&D正相关.
- 许可证持有人政策显著减少了融资限制,管理激励措施积极缓和了创新影响.
结论:
- 许可证持有者制度是加强中国制药创新的有效政策.
- 管理激励措施发挥着至关重要的调节作用,而融资约束则充当中介机制.
- 调查结果强调了该政策在刺激制药行业内的研发和创新方面取得的成功.
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