摘
要
摘要
受疫情催化，2021年我国医药制造业保持高速增长，增速分别高于高技术
制造业和全国工业 6.4个、15.2个百分点，作为技术含量最高的行业之一，医药
制造业必须不断投入新药品的研发，提升行业整体创新能力和研发水平，才能
提高医药制造业的竞争力。我国创新药市场占比较小，科研成果转化率较低，
行业本身存在着长期研发压力大和短期生产成本提高的不利条件，这需要企业
制定科学有效地研发策略，进而提升核心竞争力。为促进医药行业的研发，国
家也出台了“4+7”带量采购、优先评审制度和仿制药一致性评价等一系列相关政
策。国家和市场的双重激励使得中国医药行业进入新的创新发展风口。本文基
于恒瑞医药研发难度大、风险高等当前存在的问题，结合企业绩效评价，来探
讨恒瑞医药下一步的研发策略走向。
本文首先对恒瑞医药的外部环境与内部环境进行分析，在对政策、经济、
社会文化、技术和行业等外部环境分析中，清楚了解了恒瑞医药所面临的市场
环境现状；在对内部环境重点分析中，发现恒瑞对研发创新方面的持续投入，
使企业医药自主研发能力不断增强，同时获得了大量的发明专利以及无形资产
等方面的技术资源。其次，分析研发投入对公司财务绩效和非财务绩效的影响，
继而发现恒瑞医药的财务绩效相对于研发投入具有延迟性，并在非绩效方面取
得了显著业绩；从投资者的角度，得出恒瑞医药加大研发具有良好的市场反应。
最后，基于恒瑞医药研发方面存在的问题对研发策略进行了改进及制定，从人
力资源措施、研发相关措施、财务管理措施等维度提出战略。确定了恒瑞医药
采取全球化招募人才、建立合理研发制度留任研发人员的人力资源措施；明确
了企业提高研发成果转化率、加大研发力度，突破国际化水平的研发整体战略；
财务管理措施方面，则从研发风险评估体系、研发资源布局、追踪研发项目可
持续性收益这三方面进行建设，使得这三个维度的战略措施相辅相成，形成企
业的核心竞争力，从而提高企业绩效。本文对恒瑞医药研发投入与企业绩效的
案例研究起了到一定作用，有助于加强医药企业对研发投入的重视强度，为医
药企业研发策略的制定与实施提供参考。
关键词：医药行业；恒瑞医药；研发投入；企业绩效；研发策略
I
Abstract
Abstract
Catalyzed by the epidemic, my country's pharmaceutical manufacturing industry
will maintain rapid growth in 2021, and the growth rate is 6.4 and 15.2 percentage
points higher thanthat of high-techmanufacturing and thenational industry,
respectively. As one of the industries with the highest technology content, the
pharmaceutical manufacturing industry must continue to invest in new drugs. In order
to improve the competitiveness of the pharmaceutical manufacturing industry, the
overall innovation capability and R&D level of the industry can be improved. my
country'sinnovative drugmarketaccounts forasmall proportion,andthe
transformation rate of scientific research results is low. The industry itself has the
disadvantages of high long-term R&D pressure and short-term production costs.
conditions, which requires enterprises to formulate scientific and effective R&D
strategies to enhance their core competitiveness. In order to promote the research and
development of the pharmaceutical industry, the state has also introduced a series of
relevant policies such as "4+7" volume procurement, priority review system and
generic drug consistency evaluation. The dual incentives of the state and the market
have enabled the Chinese pharmaceutical industry to enter a new outlet for innovation
and development. Based on the current problems of high difficulty and risk in
Hengrui's R&D, this paper discusses the next R&D strategy trend of Hengrui's
medicine in combination with enterprise performance evaluation.
This paper first analyzes the external environment and internal environment of
HengruiPharmaceutical,analyzes thecurrentpolicyenvironment,economic
environment, social and cultural environment, technical environment and industry
environmentofHengruiPharmaceutical,andunderstandsthemarketand
environmental status quo faced by Hengrui Pharmaceutical. It focuses on the internal
environment ofHengruiPharmaceutical, andfinds thatHengrui's continuous
investment in R&D and innovation has continuously enhanced the independent R&D
capability of enterprises, At the same time, it has obtained a large number of invention
patents and intangible assets and other technical resources. Secondly, the impact of
II
Abstract
R&D investment on the financial performance and non-financial performance of the
company is analyzed, and then it is found that the financial performance of Hengrui
Pharmaceutical is delayed compared with the R&D investment, and it has made
significant achievements in non-performance; From the perspective of investors,
Hengrui Pharmaceutical's increasing R&D had a good market reaction. Based on the
existing problems in the R&D of Hengrui Pharmaceutical, the R&D strategy was
improved and formulated. The strategy was put forward from the dimensions of
human resources measures, R&D related measures, financial management measures,
etc., and the human resources measures of Hengrui Pharmaceutical to recruit talents
globally and establish a reasonable R&D system to retain R&D personnel were
determined. The overall R&D strategy of enterprises to improve the transformation
rate of R&D achievements, increase R&D efforts and break through the international
level was clarified. Finally, in terms of financial management measures, we will build
the R&D risk assessment system, R&D resource layout, and tracking the sustainable
benefits of R&D projects to make these three dimensions of strategic measures
complement each other, form the core competitiveness of enterprises, and thus
improve enterprise performance. This paper plays a role in the case study of Hengrui
Pharmaceutical's R&D investment and enterprise performance, helping to strengthen
the emphasis of pharmaceutical enterprises on R&D investment, and providing
reference for the formulation and implementation of pharmaceutical enterprises' R&D
strategies.
Key words: pharmaceutical industry; Hengrui Medicine; R&D investment;
corporate performance; R&D strategy
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