Abstract
It can be seen from the financial practice activities of western developed countries that enterprises can often achieve their own goal of rapid development through M & A. from the perspective of enterprise strategy implementation, M & A is also an important business strategy of enterprises. Western developed countries have experienced five so-called "M & A waves". At present, it is generally believed that the first wave of M & A in western developed countries can be traced back to 1895-1904. The fifth wave of M & A in western developed countries occurred in 1992-2000. Because of the importance of M & A for the development of enterprises and the fact that there are many waves of M & A in western developed countries, the research on M & A in western academia is very extensive and in-depth. Western academia has formed a relatively complete theoretical system for the merger and acquisition of enterprises. But whether these theoretical results can be applied to developing countries such as China in the transition economy, there are different views in academia. In the 1980s, China began to reform at the enterprise level gradually through continuous decentralization of enterprise management rights and expansion of independent management rights. In the process of this reform, enterprises gradually become the main body of operation and interest in production and operation activities. The improvement of the independent operation of enterprises is the institutional basis for the occurrence of M & A in China. Based on the perspective of enterprise strategy, this study studies the innovation integration strategy of pharmaceutical enterprises and the integration strategy in the production and sales links. Finally, based on the evolution perspective, the strategy of further optimizing and integrating medical industry chain is explored under the guidance of knowledge base and customer value.
Keywords: Medical Industry; Industrial Chain; Horizontal Integration; Vertical Integration.