Research On The Asset-light Operation Model And Economic Consequences Of Pharmaceutical Enterprise

Since the reform and opening up,with the rapid development of the national economy and the growing demand for medical and health needs,the pharmaceutical manufacturing industry has become an important part of China’s economic development.However,the problems in the pharmaceutical manufacturing industry are gradually exposed,such as low-end generics overcapacity,low-quality and low-price competition,and insufficient research and development innovation capabilities.The traditional operation mode of pharmaceutical companies has encountered bottlenecks in development A number of pharmaceutical enterprises with economic transformation and upgrading have emerged.These enterprises attach great importance to the value creation capabilities of intangible assets,such as innovative R&D technology,brand marketing,patent technology,etc.Different from the previous large investment in heavy assets,relying on the profitability of the production of pharmaceuticals,pharmaceutical companies began to focus on research and development capabilities and brand marketing capabilities,implement asset-light operation model to achieve enterprise transformation and upgrading.Based on the value chain theory and the Lapaport enterprise value driver theory,the article takes Hengrui Medicine as a research case to explore the strategy and economic consequences of Hengrui Medicine ’s asset-light operation model.First of all,the article describes the basic situation of Hengrui Medicine ’s asset-light operation and its financial characteristics,that is,the proportion of current assets is high,the cash reserves are more,the proportion of receivables and inventories is low,fixed assets account for a small proportion of total assets and the proportion of current liabilities is high.Secondly,combined with Hengrui Medicine’s motivation to cultivate core competitiveness and enhance corporate value,I analyze the specific operation strategy of Hengrui Medicine,including focusing on product development,divesting non-core businesses,changing marketing models and internal financing methods.Then I analyze the economic consequences of Hengrui’s asset-light operation model.from the following four aspects:the impact on business performance,the impact on business value,the impact on technological innovation capability and the reaction of capital market.On the basis of the above,I point out the problems existing in the Hengrui’s asset-light operation model,including increasing risk of traditional R&D models,reducing working capital utilization efficiency and single business expansion.Finally,I put forward the optimization suggestions for Hengrui’s asset-light operation model: innovating research and development model,improving working capital management capabilities,and using external resources reasonably.The paper provides some theoretical research directions for the academic community through the in-depth study of Hengrui’s asset-light operation model and its economic consequences.It also provides practical insights for how China’s pharmaceutical manufacturing industry use asset-light operation model to transform and upgrade.