MBA教育中心知识库

  数十年以来，我国整个医药行业一直面临着比较复杂的问题。进口原研药价格昂贵，使得许多患者承受沉重的经济负担。与此同时，本土仿制药企业虽然数量众多，但普遍规模较小，分布散乱，产品质量也参差不齐。这种局面导致患者就医成本一直居高不下，成为制约医药行业健康发展的重要因素。为了改变这一状况，我国推出了“4+7”带量采购政策。该政策的正式实行使得中标药品价格大幅下跌，有效地降低了患者的就医成本。然而，这一政策同时也给医药企业，尤其是仿制药企业带来了不小的挑战。由于中标药品价格的大幅下跌，企业的利润空间被大幅压缩，这迫使企业必须将更多的资金投入到获利能力更强的药品研发中去。在这种背景下，医药企业的财务环境发生了巨大的变化，财务风险变得日益突显。对于医药企业来说，如何有效应对这一政策带来的挑战，降低财务风险，已成为当前亟须解决的重要问题。

  作为带量采购中标企业，鲁抗医药中标的产品是阿莫西林胶囊和头孢拉定胶囊。本文以鲁抗医药为研究对象，选定了包括流动比率、速动比率、资产负债率等在内的14个财务指标来用于评价企业筹资、投资和营运资金风险。同时，运用采用TOPSIS法进行上述财务风险进行计算并按照风险大小进行排序，以此客观、准确地评估企业的财务风险。

  研究结果发现，鲁抗医药筹资风险和投资风险水平在中标后贴近度低但波动比较大呈现风险较高状态，而营运资金风险在带量采购政策实施后呈现低风险状态。最后，根据财务风险评价结果提出相对应的防范建议，以期能为医药领域的其他企业的财务风险评价与防范提供借鉴。

    For decades, the whole pharmaceutical industry in China has been facing more complex problems. Imported original drugs are expensive, making many patients bear a heavy financial burden. At the same time, although there are many local generic drug companies, they are generally small in scale, scattered in distribution, and the quality of their products is uneven. This situation has led to high medical costs for patients, which has become an important factor restricting the healthy development of the pharmaceutical industry. In order to change this situation, China launched the "4+7" procurement policy. The official implementation of the policy has made the price of the winning drug drop sharply, effectively reducing the cost of medical treatment for patients. However, this policy has also brought great challenges to pharmaceutical companies, especially generic drug companies. Due to the sharp decline in the price of the winning drug, the profit margin of enterprises has been greatly compressed, which forces enterprises to invest more money in the research and development of more profitable drugs. In this context, the financial environment of pharmaceutical enterprises has undergone great changes, and financial risks have become increasingly prominent. For pharmaceutical enterprises, how to effectively deal with the challenges brought by this policy and reduce financial risks has become an important issue that needs to be solved.

     As a winning enterprise in the procurement of quantity, the winning products of Lukang Pharmaceutical are amoxicillin capsules and cephaloadin capsules. This paper selects 14 financial indicators, including current ratio, quick ratio, asset-liability ratio, etc., to evaluate the risk of enterprise financing, investment and working capital. At the same time, TOPSIS method is used to calculate the above financial risks and sort them according to the size of risks, so as to view and accurately evaluate the financial risks of enterprises.

     The research results found that the level of Lukang pharmaceutical financing risk and investment risk showed a high risk state after the close degree was low but the fluctuation was relatively large, while the working capital risk showed a low risk state after the implementation of the volume procurement policy. Finally, according to the results of financial risk evaluation, corresponding prevention suggestions are put forward, in order to provide reference for other enterprises in the field of financial risk evaluation and prevention.