XuXifan / University of science and technology Beijing
WanPaijie / University of Science and Technology Beijing
In the context of China's increasing aging trend and the rapid development of the digital economy, harnessing internal and external resources of pharmaceutical enterprises and leveraging digital technology to empower research and development, production, and marketing of new drugs holds significant importance in enhancing innovation efficiency and promoting sustainable growth. By integrating digital technologies such as big data, Internet of Things (IoT), and artificial intelligence (AI) into their product research, development, production, and distribution processes, pharmaceutical enterprises can not only reduce costs and enhance supply chain resilience but also drive innovation behavior through digital technology adoption. This stimulates innovation vitality while improving overall efficiency. Additionally, adopting a collaborative R&D model with universities and research institutions offers a novel path for pharmaceutical enterprises to enhance R&D efficiency and commercial transformation by capitalizing on complementary advantages. Universities and research institutions often serve as sources of fundamental knowledge and emerging technologies; thus collaborating with them allows enterprises to save substantial funds required for basic research while facilitating knowledge transfer from academia to industry. This enriches enterprise knowledge diversity while expediting the diffusion rate of innovations. In this context, utilizing data from China's A-share pharmaceutical manufacturing listed companies spanning 2012 to 2021, this study examines and validates the impact of digital transformation on innovation efficiency in the pharmaceutical sector at both theoretical and empirical levels. The findings demonstrate a significant enhancement in R&D efficiency due to the digital transformation of pharmaceutical enterprises. Furthermore, mechanism analysis reveals that such transformation fosters industry-university-research collaboration with universities and research institutions, thereby facilitating improvements in enterprise innovation efficiency. Heterogeneity analysis indicates that digital transformation has a more pronounced effect on enhancing innovation efficiency for non-state-owned pharmaceutical enterprises and those operating within regions with robust intellectual property protection measures. These conclusions hold important implications for guiding the digital transformation endeavors of pharmaceutical enterprises towards empowering their R&D activities.