ABSTRACT
OBJECTIVE To provide reference for improving the techn ological innovation efficiency of biopharmaceutical enterprises in China. METHODS In this research ，the technological innovation process of the biopharmaceutical enterprises was divided into two stages ：the technological development and the achievement transformation. Two-stage data envelopment analysis （DEA） model was established under the premise of considering the two-stage correlation ，and the two-stage technological innovation efficiency of 23 listed biopharmaceutical enterprises in China was evaluated from 2016 to 2020 on the basis of hysteresis effect. RESULTS & CONCLUSIONS The two-stage technological innovation efficiency of listed biopharmaceutical enterprises in China was at a relatively low level ，and the average overall efficiency of the technological development stage and the achievement transformation stage were only 0.377 and 0.347. At present ，the low efficiency of technology is the main factor restricting the improvement of the two-stage technological innovation efficiency of listed biopharmaceutical enterprises in China. In the technology development stage ，redundant investment in R&D funds and insufficient patent output are the main reasons for the invalid DEA of listed biopharmaceutical enterprises ，while in the achievement transformation stage ，the redundant input of invention patents is the main reason for the invalid DEA of listed biopharmaceutical enterprises. From a regional perspective ，in the technology development stage ，the average overall efficiency and technical efficiency of listed biopharmaceutical enterprises in the eastern region are 0.378 and 0.603，which are higher than the central and western regions. In the stage of achievement transformation，the average values of comprehensive efficiency and technical efficiency of listed biopharmaceutical enterprises in the central and western regions are 0.361 and 0.548，which are higher than those in the eastern region. It is suggested that biopharmaceutical enterprises should enhance their ability to transform technological achievements ，optimize the allocation of scientific and technological resources ，attach importance to （No.2021GXJK332） regional cooperation and exchanges ， promote the overall innovation efficiency of biopharmaceutical industry in China.