近期，中国药品流通行业回款周期已延长至154天，引发广泛关注。回款周期是指企业从销售商品到实际收回货款所需的时间，是衡量企业资金周转效率和财务健康状况的重要指标。154天的回款周期意味着药企平均需要等待超过五个月才能收回销售款项，显著高于制造业等其他行业的平均水平。造成这一现象的主要原因包括：一是医疗机构作为主要客户，普遍存在付款流程复杂、审批环节多、财政拨款滞后等问题；二是部分地方医保基金支付压力加大，导致对医院的结算延迟，进而传导至上游药企；三是“两票制”等政策虽压缩了流通环节，但也使药企直接面对医院，承担了更多回款风险。回款周期拉长对药品流通企业带来多重挑战：现金流紧张、融资成本上升、运营压力加大，甚至可能影响药品供应稳定性。为缓解此问题，业内呼吁加快医保支付改革、推动医院信用体系建设，并探索供应链金融等创新工具，以改善行业整体资金生态，保障药品供应链安全高效运行。
Recently, the average accounts receivable collection period in China’s pharmaceutical distribution sector has extended to 154 days, drawing widespread attention. The collection period—defined as the time between a sale and actual receipt of payment—is a key indicator of a company’s cash flow efficiency and financial health. A 154-day cycle means pharmaceutical distributors now wait over five months on average to receive payment, significantly longer than in many other industries such as manufacturing.Several factors contribute to this trend: First, hospitals—the primary customers—often have complex internal approval processes and delayed government reimbursements. Second, mounting pressure on local medical insurance funds has slowed reimbursements to hospitals, which in turn delays payments to upstream suppliers. Third, while policies like the “Two-Invoice System” have streamlined distribution channels, they’ve also shifted more payment risk directly onto manufacturers and distributors by eliminating intermediaries.This prolonged payment cycle poses serious challenges: strained cash flow, higher financing costs, increased operational pressure, and potential disruptions to drug supply chains. To address these issues, industry stakeholders are calling for accelerated reforms in medical insurance reimbursement mechanisms, stronger hospital credit systems, and the adoption of innovative solutions like supply chain finance to improve liquidity and ensure a stable, efficient pharmaceutical supply chain.
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