Study on Evaluation of Innovation and Development Capability of Pharmaceutical Enterprises in China Based on Factor Analysis / 中国药房

ABSTRACT

OBJECTIVE：To pro vide reference for improving i nnovation and development capability of pharmaceutical enterprises in China. METHODS ：Based literature review ，10 measurement indexes （growth rate of net profit ，the growth rate of total assets ，the growth rate of revenue ，the net interest rate of sales ，the gross profit rate of sales ，the rate of return on net assets ， the current ratio ，the asset liability ratio ，the proportion of R&D personnel ，and R&D intensity ）were selected from aspect of growth ability ，profitability，solvency and innovation capability to establish evaluation system. Pharmaceutical enterprises with A-share listing time of no less than 5 years and R&D investment of no less than 100 million yuan in 2018 were selected as the research objects ，the data of above-mentioned indexes of included enterprises were collected during 2015-2019 by means of their public corporate annual reports and stock trading software Tonghuashun ；factor analysis method was used to extract the principal components to establish a model ；principal component factors were determined according to factor characteristic root and variance contribution rate ，ranked and analyzed the average comprehensive score of included enterprises during 2015-2019. RESULTS & CONCLUSIONS：Four principal components including market development capability ，enterprise growth ability ，operation development capability and product innovation capability were determined ，and the cumulative variance contribution rate was 72.385％. A total of 44 pharmaceutical enterprises were included. Among them ，40.91％，43.18％，38.64％，72.73％ and 52.27％ showed an upward trend in the market development capability ，onterprises growth capability ，operational development capability ， product innovation capacity and total innovation and development capability. The highest score of innovation and development capability of pharmaceutical enterprises was 0.612，and the lowest score was － 1.132. There were 8 enterprises whose comprehensive score was 0.3-＜0.7，accounting for 18.18％； pharmaceutical enterprises in this range had good innovation and development capability. There were 21 enterprises whose qq.com comprehensive score was －0.1-＜0.3，accounting for 47.73％； pharmaceutical enterprises in this range had fair good innovation and development capability. There were 11 enter- prises whose comprehensive scor e was －0.5-＜－0.1，accounting for 25.00％；pharmaceutical enterprises in this range had poor innovation and development capability. There were 4 enterprises whose comprehensive score was ＜－0.5，accounting for 9.09％； pharmaceutical enterprises in this range had very poor innovation and development capability. The innovation and development capabilities of pharmaceutical enterprises in China are polarized ，the development of enterprises in China has entered a period of fluctuation with opportunities and challenges coexisting. Pharmaceutical enterprises with a certain number of medical insurance varieties or exclusive core varieties have strong competitiveness in their subdivided pharmaceutical field. Biopharmaceuticals have entered the active period. Pharmaceutical enterprises have shifted from generic drugs to innovative drugs. It is suggested that Chinese pharmaceutical enterprises should implement intelligent management ， develop R&D strategy scientifically ， attach importance to developing international market so as to improve their innovation and development ability.