The Impact of Government Subsidies on the R&D 
Investment of Pharmaceutical Enterprises

Abstract

Abstract: Objective To analyze the impact of government subsidies on the R&D investment of pharmaceutical companies. Methods A two-way fixed-effect model was constructed by taking Chinese-listed pharmaceutical companies from 2012 to 2021 as research samples. Results and Conclusion Government subsidies have an incentive effect on enterprise R&D investment, and financial subsidies can effectively promote enterprise R&D investment.

Key words: pharmaceutical companies, government subsidies, corporate R&, D investment, market failure

Sun Xiaowen, Zhao Xingyu, Song Yu, Wang Su, Chen Yuwen. The Impact of Government Subsidies on the R&D Investment of Pharmaceutical Enterprises[J]. Asian Journal of Social Pharmacy, 2026, 21(3): 296-303.

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Asian Journal Of Social Pharmacy

The Impact of Government Subsidies on the R&D Investment of Pharmaceutical Enterprises

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