| As an important industry related to national health,national security and social and economic development,the pharmaceutical manufacturing industry is one of the key strategic industries developed by various countries.As China’s pharmaceutical manufacturing industry attaches more and more importance to innovation and is stimulated by relevant national policies,its innovation expenditure has been increasing in recent years.But it is still low compared with foreign developed countries,and there are problems such as low efficiency in the use of innovation funds and low level of innovation output.Therefore,in order to efficiently transform the limited innovation funds of China’s pharmaceutical manufacturing industry into innovation output,this study explores the impact of the allocation structure of innovation funds on innovation output from the perspective of innovation funds.It is of great significance to optimize the allocation structure of innovation funds for China’s pharmaceutical manufacturing industry,improve the efficiency of its innovation funds,effectively promote innovation output and accelerate its innovation development.This paper firstly summarizes the structure system of innovation funding allocation in China’s pharmaceutical manufacturing industry by means of literature research and theoretical analysis.On this basis,a panel data model and a panel threshold model are constructed to empirically analyse and compare the effects of the basic allocation structure of innovation funding,the source structure of R&D funding,the use structure of R&D funding and the use structure of non-R&D innovation funding on innovation output in China’s pharmaceutical manufacturing industry.Finally,based on the analysis results,we propose countermeasures to adjust and optimize the allocation structure of innovation funds in China’s pharmaceutical manufacturing industry,so as to effectively promote innovation output.The main findings of this paper are as follows.(1)Based on the existing research,we have sorted out and summarized the structure of the allocation of innovation funds in China’s pharmaceutical manufacturing industry:① The basic allocation structure of innovation funds in China’s pharmaceutical manufacturing industry includes independent R&D funds,cooperative R&D funds and non-R&D innovation funds.②The source structure of R&D funds includes government funds,enterprise funds,overseas funds and other funds.③ The use structure of R&D funds includes basic research funds,applied research funds and experimental development funds.④ The use structure of nonR&D innovation funds includes the introduction of overseas technology funds,digestion and absorption funds,purchase of domestic technology funds and technology transformation funds.(2)The current situation and characteristics of the allocation structure of innovation funds in China’s pharmaceutical manufacturing industry are clarified:① The basic allocation structure of innovation funds in China’s pharmaceutical manufacturing industry shows the structural characteristics of mainly independent R&D,supplemented by cooperative R&D and non-R&D innovation.② The structure of the sources of R&D funds in China’s pharmaceutical manufacturing industry has formed a structure in which pharmaceutical enterprises are the mainstay,the proportion of government R&D funds decreases year by year,and the proportion of foreign funds and other sources of funds is very small.③ The structure of the use of R&D funds in China’s pharmaceutical manufacturing industry is biased towards experimental development activities,with basic and applied research funds accounting for a relatively small proportion,forming a situation of "light research and heavy development".④The structure of the use of non-R&D innovation funds in China’s pharmaceutical manufacturing industry shows a development trend of mainly technological transformation,gradually emphasizing the purchase of domestic technologies and reducing the introduction of overseas technologies,and the phenomenon of "emphasizing introduction rather than digestion".(3)The impact of the basic allocation structure of innovation funds in China’s pharmaceutical manufacturing industry on innovation output was analyzed and compared:①In the basic allocation structure of innovation funds in China’s pharmaceutical manufacturing industry,increasing the proportion of independent R&D funds and cooperative R&D funds is conducive to promoting innovation output,among which increasing the proportion of cooperative R&D funds has the greatest promotion effect,but increasing the proportion of nonR&D innovation funds is not conducive to promoting innovation output.② The proportion of independent R&D expenditure and the proportion of collaborative R&D expenditure in China’s pharmaceutical manufacturing industry both have a single threshold effect on innovation output,with different effects on innovation output in different threshold intervals.(4)The effects of the structure of R&D funding sources on innovation output in China’s pharmaceutical manufacturing industry was analyzed and compared:① Increasing the proportion of government funding in the structure of R&D funding in China’s pharmaceutical manufacturing industry is not conducive to promoting innovation output,while increasing the proportion of enterprises’ own funding is conducive to promoting innovation output.② The proportion of enterprises’ own funding in the structure of R&D funding in China’s pharmaceutical manufacturing industry has a single threshold effect on new product sales and revenue,which can only be promoted when its proportion is higher than 95.70%.(5)The impact of the structure of R&D funding on innovation output in China’s pharmaceutical manufacturing industry was analyzed and compared:① The optimal ratio of research and development funding in the structure of R&D funding in China’s pharmaceutical manufacturing industry can maximize innovation output.②As the level of economic development improves,the optimal ratio of R&D funding in the structure of R&D and innovation funding also needs to be adjusted dynamically,and the ratio of research funding needs to be further increased to maximize innovation output.③ The optimal ratio of R&D and innovation funding in the eastern and central and western regions of China is different,with the optimal ratio of research funding in the eastern region being greater than that in the central and western regions.(6)The impact of the structure of non-R&D innovation funding in China’s pharmaceutical manufacturing industry on innovation output was analyzed and compared:① Increasing the proportion of funding for the introduction of foreign technology in the structure of non-R&D innovation funding in China’s pharmaceutical manufacturing industry is not conducive to promoting the number of effective invention patents,but when its proportion exceeds 27.4%,it can effectively promote new product sales revenue.② Increasing the proportion of funds for the purchase of domestic technology in the structure of non-R&D innovation funds in China’s pharmaceutical manufacturing industry is conducive to promoting innovation output,but when its proportion exceeds 42%,it will not be conducive to promoting new product sales revenue.③ Increasing the proportion of funds for technological innovation in the structure of non-R&D innovation funds in China’s pharmaceutical manufacturing industry cannot effectively promote innovation output.(7)Based on the results of the empirical analysis and the current situation of the allocation structure of innovation funds in China’s pharmaceutical manufacturing industry,we propose countermeasures and suggestions to optimize the structure of innovation funds in four aspects,namely,the basic allocation structure of innovation funds,the source structure of R&D innovation funds,the use structure of R&D innovation funds,and the use structure of non-R&D innovation funds,in order to effectively promote innovation output.The aim is to provide a scientific basis and reference for the relevant government departments and pharmaceutical enterprises to formulate innovation strategies and enhance the level of innovation output,thus promoting the innovation-driven sustainable development of China’s pharmaceutical manufacturing industry. |
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