| The concept of Healthy China in the 13 th Five-Year Plan and the innovation-driven strategy in the 14 th Five-Year Plan undoubtedly release the signal that innovation plays a crucial role in future development.The development of the pharmaceutical industry is a major event related to the people’s livelihood.China’s entire pharmaceutical industry continues to maintain a high trend of development,industrial structure continuous transformation and upgrading,which also puts forward higher requirements for the development of pharmaceutical enterprises.With the people’s growing demand for health,the gradual improvement of the policy of "three medical linkage",and the continuous issuance of documents by The State Council on encouraging the innovation and transformation of pharmaceutical enterprises,China’s pharmaceutical industry is making steady progress towards the direction of scientific and technological innovation driven.In order to transform into innovative pharmaceutical enterprises,enhance creativity and improve innovation performance,pharmaceutical enterprises are required to have higher research and development capabilities and technical level.In addition to the internal research and development departments of pharmaceutical enterprises to increase research and development efforts,many pharmaceutical enterprises began to try a variety of innovation modes,from the external acquisition of technology and then combined with the internal technology of the enterprise,improve the innovation ability and level of the enterprise,technology merger and acquisition has become one of the methods of many pharmaceutical enterprises to improve the technical level.Therefore,it is of great significance to study the impact of technology M&A on the innovation performance of pharmaceutical enterprises.Based on the above background,this paper first reviews the relevant research literature on technology M&A and innovation performance,and introduces the relationship between the two and the factors affecting the relationship.Secondly,combined with relevant theories,this paper analyzes the path,mechanism and effect of technology acquisition on the innovation performance of pharmaceutical enterprises.This paper selects Prologis Pharmaceutical as a case company,first introduces Prologis Pharmaceutical,the general situation of the acquired enterprises,and a simple overview of the merger process;The qualitative plus quantitative method is adopted to carry out a specific analysis from the path of the impact of technology M&A on innovation performance,and the changes of single indicators and the ranking of comprehensive indicators before and after M&A are used as the basis for vertical comparison and effect analysis.In the process of comparison,another enterprise of the same type and field that has been merged but does not constitute technology M&A is selected as the horizontal comparison company to compare the difference of individual indicators between the two in the same period before and after the M&A,so as to confirm the impact of technology M&A on innovation performance.In addition,in order to reduce the disadvantage of incomplete analysis of a single index,this paper uses the comprehensive index according to the entropy method to rank and evaluate the impact effect of the technology merger and acquisition of Plow Pharmaceutical before and after the merger,which is used to assist the conclusion of this paper.Finally,in view of the problems existing in the technology merger and acquisition of APELOA,the causes of its emergence are analyzed,relevant suggestions are put forward,and the future of the whole pharmaceutical industry is prospected.Through case analysis and research,this paper finally draws the following conclusions:(1)technology M&A can promote the innovation performance of pharmaceutical enterprises to a certain extent.(2)The innovation performance brought by technology merger and acquisition to pharmaceutical enterprises can generate the inflow of economic benefits for pharmaceutical enterprises. |
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