药品零差率问题很复杂

在社区医疗机构实行药品零差率销售，是一个看似简单、却非常复杂的政策。说简单，在于其政策目的明确，“零差率”取消了医疗机构的盈利环节，药品价格降低，百姓得实惠，是件好事。同时还有机制效应，“零差率”使医疗机构不再追逐药品利润，医生不开大处方、不拿回扣，这既降低了医疗费用，又规范了医疗行为。     

药价越降越高怪谁

在公众淡漠的目光和医药企业的叫苦声中,又一轮行政指令性药品降价开始了。根据国家发改委的指令,从2005年10月10日起,全国降低22种400多个剂型药品的最高零售价格,平均降幅40%左右。尽管价格一降再降,老百姓们却似乎并没有感觉到药费开支少了多少,相反却呈节节攀升之势。人们在无奈之余,不禁再次发问:药价何时才能真正降下来?     

药品零差价对公立医院财务管理的影响

随着医疗体制改革的不断深化,安徽省作为全国医疗改革试点省份之一,2015年4月1日起,全面取消城市公立医院药品加成,同步推行药品带量采购,药品按照省级统一招标中标价销售.药品零差价的实行,打破了以往"以药养医"的局面,有效遏制了虚高的药品价格,降低了患者的经济负担.新医改政策产生了巨大影响,得到社会的高度认同,但在取得成功的同时,对医院日常经营管理也带来了新的挑战.文章以安徽省医改为例,从财务管理角度对实践中出现的主要问题做出进一步探讨.     

对公立医院“改革或取消药品加成政策”效果的探析

随着我国医疗改革的不断进行,如何降低居民看病费用、提高患者满意度和医院服务质量已成为每一个医院面对的重要问题。基于此,"改革或取消药品加成政策"便应运而生。现阶段,我国"改革或取消药品加成政策"在完善医疗体制方面取得了一定的效果,但同时也出现了一些其它不良现象。本文在此背景下,详细分析了公立医院实行该政策后的效果,并针对其中的不良效果提出了相应的对策。     

财政支出偏向的价格效应研究

本文研究了地方政府财政支出偏向对我国物价的影响,发现财政支出的偏向对于不同的产品的价格有着不同的影响,而且这种影响在短期和长期有所差别。偏向公共产品的生产性财政支出短期会带来投资品价格的上涨,并提高医疗等公共产品的价格。公共支出偏向导致CPI年平均多增长了0.31个百分点。长期来看,生产性财政支出偏向有利于产业集聚,降低企业生产成本,从而压低工业品价格。此外,中央政府对医疗和教育的支出能够在一定程度上纠正地方政府因为偏向生产性公共支出,导致的医疗教育支出不足的问题,从而抑制医疗和教育消费价格的上涨。     

药价“国家谈判”启动 外资药企或以降价换市场

<正>业内人士表示,国家和各地政府在推进医疗工作这块态度越来越强硬,外资药企若是在"国家谈判"层面也不响应降价政策,那在中国市场或将面临限制和压制,明智的做法是顺应趋势。今年3月初,针对"如何解决专利药、进口药价格昂贵,群众用不起药"的问题,国家卫生和计划生育委员会(以下简称"卫计委")主任李斌对外表示,正在采取"国家谈判"等措施力争降低专利药、进口药价格。据悉,目前已经选取了五个左右涉及癌症治疗及重大疾病治疗的药品作为谈判试     

业绩增速放缓 行业走势分化——生物医药行业分析

医药板块以其特有的防御特征，在大盘波动较大的环境中，表现拔得头筹，远远跑赢大盘。不断增长的医疗需求、家庭人均收入的提高、中国消费者健康意识的提高等因素，推动了医药行业稳健、高速增长，但上市公司三季报业绩和行业前8个月运行数据均显示出，尽管行业发展高速增长仍在延续，但业绩增速和盈利能力呈现逐步放缓态势，药品降价预期，中药材价格上涨，不明朗的药品招标采购政策等是主要影响因素。     

外资药企为何主动降价

<正>7月5日,人社部发布《关于积极推动医疗、医保、医药联动改革的指导意见》,发挥医保制约药品价格、进一步规范医生开处方的作用受到期待。7月4日至7月10日期间,医药行业政策、药企创新研发、家用医疗器械方面的话题热度较高。外资药企降价引发舆论关注中国药企的研发创新能力,诺华制药在中国的重磅产品雷珠单抗(诺适得)医院终端价格降低26%,在行业内引起不小震动。7月5日,人社部发布《关于积极推动医疗、医保、医药联动改革的指导意见》,发挥医保制约药     

长期与短期:我们生活在父辈留给我们的长期和自己的短期中

人们能够真切地感受到短期经济波动的影响和干预政策的效果,更应注意短期政策的长期效应长期与短期是政府管理经济波动后才有的区分。增长主要是经济的长期特征,而波动则是经济运行的短期表现。经济的长期与短期特点不尽一致,短期波动与长期增长紧密相联。从长期角度如以10年为时间段观察经济,价格呈现弹性。因为时间足够长,企业     

干预难改煤炭市场走势

我们认为山东省电煤价格干预措施对煤炭股价有短期的负面影响,但不会改变煤炭价格的向上趋势。市场逐步消化政府对电煤市场进行干预的负面消息之后,煤炭公司估值相应降低,反而为投资者提供了介入机会。     

The Pharmaceutical Price Regulation Scheme

The UK government conditions the pharmaceutical environment with a combination of micro and macro policies and pressures. Drug profits have been controlled since 1969 but it was only in May 1996 that the first report on these regulations were made available by government. The pharmaceutical price regulation scheme (PPRS) is obviously complex, synthesising price cap and profit regulation for example, but what makes matters more difficult is that the regulation has serious problems. The paper identifies and discusses the problems with PPRS regulation. The problems are: a lack of impact analysis; a lack of accountability; no agreement on what is meant by 'reasonable profits'; problems in apportioning R&D costs to UK sales; disincentives for international trade; whether the drug companies' accounts submitted to government are true and fair; and whether or not the regulation is legal according to EU law. By identifying and discussing these problems this paper aims to open the debate and provide an opportunity for improvements in the regulations.     

Mergers with interfirm bundling: a case of pharmaceutical cocktails

Pharmaceutical cocktails often consist of two or more drugs produced by competing firms. The component drugs are often also sold as stand‐alone products. We analyze the effects of a merger between two pharmaceutical firms selling complements for colorectal cancer treatment. In this setting there are two merger effects: the standard upward pricing pressure due to firms internalizing the substitution between the stand‐alone products, and an additional effect where the firms internalize the impact of selling complements and reduce the price of the cocktail product. The net impact of a merger is a modest price increase, or even a price decrease.     

Market Valuation of Successful versus Non‐successful R&D Efforts in the Pharmaceutical Industry

Abstract:   This paper examines the relationship between a non‐financial measure of successful research and development (R&D) efforts in the pharmaceutical industry and R&D expenditures. I hypothesize that the R&D of successful producers will be valued more by the market than the R&D of non‐successful producers. The regression results support the hypothesis. In the primary model, R&D is not associated with price; however, the coefficient on the interaction between R&D and successful developers is positively related to stock price. This implies that the market values the R&D expenditures of successful developers but not the expenditures of less‐successful developers.     

Information Production, Insider Trading, and the Role of Managerial Compensation

We analyze the information production decision of a manager who can trade on this information and whose compensation is increasing in the stock price. The amount of information produced increases with the stock's volatility and liquidity and decreases with the manager's pay-performance sensitivity. Insider trading regulations that symmetrically inhibit the manager's ability to buy and sell stock cause her to produce less information. But asymmetric insider trading regulations like the short sales prohibition have an ambiguous effect inducing her to produce more or less information depending on her pay-performance sensitivity. This contradicts the standard argument made by opponents of insider trading regulations that such regulations always reduce information production.     

The effect of discretionary price control decisions on equity values

The macro literature presents conflicting evidence on the effects of price controls. In this study, the fact that the macro-economic effect of wage and price controls is the aggregation of the micro-economic effects is used to implement a different approach to measure the effects of price controls. The effect of price controls is inferred from examining the impact of discretionary regulatory decisions on the equity values of individual firms during Phase II of Nixon's Economic Stabilization Program. The empirical results indicate that violators of the regulations incurred significant abnormal losses that were unrelated to the explicit penalties. This suggests that implicit penalties were imposed on offending firms. The analysis of price increase decisions provides weak evidence that these Price Commission decisions had an impact on equity values.     

限制交易政策如何影响期现关系?——对股指期货价格发现功能的实证检验

本文利用2015年中国股市大幅下跌期间,对股指期货严格限制交易政策这一独特事件前后的高频数据,研究限制交易政策对股指期货与股票市场价格引导关系的影响。利用I-S模型和分位数回归方法的实证结果表明:限制交易政策实施前,股指期货对股票市场的价格影响更强,尤其表现在价格急剧下跌时期;限制交易政策显著增加了期货市场交易成本,从而降低了期货市场的信息份额,削弱了其对股票市场的价格影响,并且改变了期货价格对现货价格“助跌强于助涨”的影响模式,增强了股指期货在价格上涨时对股票市场的影响。研究结果一方面直接量化了期货交易成本变动对其价格发现功能的负面影响,另一方面也从价格引导关系的视角提供了股市危机时期股指期货限制交易政策监管效果的实证证据。     

Accounting regulations,enforcement, and stock price crash risk: Global evidence in the banking industry

This study uses the banking industry as a unique testing setting to examine the impact of accounting and enforcement regulations on stock price crash risk. We find that stocks are less likely to crash in countries with stricter accounting regulations and enforcement standards. More importantly, we provide evidence that the impact of accounting regulations is more significant in countries with stricter enforcement standards, suggesting that enforcement mechanisms and accounting regulations are complementary. We find that the main channels for accounting regulations and enforcement standards to affect stock price crash risk are regulations that strengthen information disclosure and improve the effects of direct supervision and external auditors. Our findings are robust after we include more control variables, employ regional regulatory developments as instrumental variables, conduct change regressions, use alternative measures of enforcement, and estimate in various subsamples. Our study has policy implications for how to design accounting regulations and enforcement mechanisms in a more effective manner.     

Pet Policy and Housing Prices: Evidence from the Condominium Market

This paper examines the economic impact of restrictions against keeping domestic pets in residential dwellings. Using a large data sample of condominium sales, we empirically estimate price effects associated with pet restrictions. Our results suggest that an unrestricted pet policy creates a significant premium in condominium price, along with discounts for condominiums that do not allow pets or have pet restrictions. This finding is useful for policy makers, developers of new condominium projects, and condominium owner associations in their decisions to establish or alter laws and regulations regarding restrictions on pet owner residents.     

Stock price clustering and discreteness

Stock prices cluster on round fractions. Clustering increaseswith price level and volatility. and decreases with capitalizationand transaction frequency. Clustering is pervasive. Price clusteringwill occur if traders use discrete price sets to simplify theirnegotiations. Exchange regulations require that most stocksbe traded on eighths. Clustering on larger fractions will occurif traders choose to use discrete price sets based on quarters,halves, or whole numbers. An econometric model of clusteringis derived and estimated. Projections from the result suggestthat traders would frequently use odd sixteenths when tradinglow-price stocks, if exchange regulations permitted tradingon sixteenths.     

Can Short Restrictions Actually Increase Informed Short Selling?

We use the 2008 short selling regulations to test whether short sale restrictions can increase informed short selling. For the preborrow requirement, we find more negative price reactions to short interest announcements though no reliable increase in the price impact of short sales volume. For the stocks with banned short sales, we find an increase in the price impact of short sale volume though no reliable change in the price reaction to short interest announcements. Both restrictions, however, are associated with increased informed trading. Our results suggest that short restrictions will not reduce informed short selling and may actually result in an increase by increasing the proportion of informed short sellers..