【主题】Improving Regulation for Innovation: Evidence from China’s Pharmaceutical Industry
【报告人】章逸然（助理教授，复旦大学经济学院）
【时间】2023年12月6日周三13:30-15:00
【地点】高等研究院232会议室
【语言】英文
【摘要】This study investigates the extent to which improved regulation can foster innovation, focusing on the impacts of a significant regulatory reform in China's pharmaceutical sector implemented in 2015. Inspired by regulatory practices in the US, the reform aimed to address application backlogs and reduce administrative waiting time for new drug development. Using data at the drug and firm levels during 2012--2021, we uncover three main findings: (1) drug categories experiencing improved approval times witnessed a surge in investigational new drug applications; (2) while there existed little improvement in innovativeness (measured by novel targets unexplored by U.S. counterparts) within drug categories, the reform stimulated shifts in firm composition, leading to the influx of innovative new firms and enhancing aggregate-level drug innovativeness; and (3) the market recognized the improvement in drug innovation, as reflected in stock price adjustments post new drug registrations after the reform. Our findings highlight how quantity and innovativeness are closely related and how regulatory barriers prevent the entry of potentially innovative firms. They also suggest that emerging markets can enhance their innovation potential by adopting specific regulation practices that have demonstrated efficacy in frontier countries.
【报告人简介】Yiran Zhang is an assistant professor at the School of Economics at Fudan University since the beginning of Fall 2021. She obtained her Ph.D. in Economics from the Chinese University of Hong Kong in 2021. Her research primarily concentrates on topics of innovation, economic growth, and the Chinese economy. Her work has been published in journals including the Journal of Public Economics,《经济研究》,《世界经济》.
