Research on the incentive effect of government tax refunds on R&D investment of pharmaceutical enterprises.

IF 3.1 4区医学 Q3 HEALTH POLICY & SERVICES

Cost Effectiveness and Resource Allocation Pub Date : 2026-07-02 DOI:10.1186/s12962-026-00789-y

Qing Xu, Yajing Wang, Shuyong Fu, Guangwei Fan

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Abstract

Background: Innovation in the pharmaceutical industry relies on sustained R&D investment, but the high-input, long-cycle, and high-risk characteristics of R&D activities often create financing constraints for enterprises. How to effectively incentivize enterprises to increase R&D investment through fiscal and tax policies is a focus of attention for both the government and academia.

Methods: Based on the panel data of 57 pharmaceutical companies from 2016 to 2024, this study employs a benchmark regression model to investigate the impact of government tax refunds on pharmaceutical companies' R&D investment, and conducts empirical analysis using semi-parametric estimation.

Results: When LTr < 15, the partial derivative graph of tax refunds on R&D investment generally exhibits a horizontal trend. When 15 ≤ LTr, it shows a linear growth trend. For companies with innovative drugs, there is a "W"-shaped fluctuation trend between tax refunds and R&D investment, while for companies without innovative drugs, the impact of tax refunds on pharmaceutical companies' R&D investment exhibits a "U"-shaped fluctuation trend.

Conclusions: There is a certain optimal range for the promotional effect of tax refunds on pharmaceutical companies' R&D investment. Compared with companies without innovative drugs, companies with innovative drugs are more sensitive to tax refunds on R&D investment.

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政府退税对医药企业研发投资的激励效应研究。

背景：医药行业的创新依赖于持续的研发投入，但研发活动的高投入、长周期和高风险往往会给企业带来融资约束。如何通过财税政策有效激励企业加大研发投入是政府和学术界关注的焦点。方法：基于2016 - 2024年57家医药企业面板数据，采用基准回归模型考察政府退税对医药企业研发投入的影响，并采用半参数估计进行实证分析。结论：退税对医药企业研发投资的促进作用存在一定的最优范围。与没有创新药的企业相比，拥有创新药的企业对研发投资退税更为敏感。

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来源期刊

Cost Effectiveness and Resource Allocation HEALTH POLICY & SERVICES-

CiteScore

3.40

自引率

4.30%

发文量

审稿时长

34 weeks

期刊介绍： Cost Effectiveness and Resource Allocation is an Open Access, peer-reviewed, online journal that considers manuscripts on all aspects of cost-effectiveness analysis, including conceptual or methodological work, economic evaluations, and policy analysis related to resource allocation at a national or international level. Cost Effectiveness and Resource Allocation is aimed at health economists, health services researchers, and policy-makers with an interest in enhancing the flow and transfer of knowledge relating to efficiency in the health sector. Manuscripts are encouraged from researchers based in low- and middle-income countries, with a view to increasing the international economic evidence base for health.