Can intelligent manufacturing drive green development in China's pharmaceutical industry? -- Evidence from listed enterprises

The pharmaceutical industry's historical extensive pollution emissions have caused severe environmental issues. In the context of the evolving intelligent age, it is urgent to investigate the potential of intelligent manufacturing in improving the environmental performance of the pharmaceutical industry. Our study employs panel data from 110 publicly listed pharmaceutical enterprises covering the period from 2012 to 2020 to assess the impact of intelligent manufacturing on the environmental performance of the pharmaceutical sector. The results reveal a substantial positive effect of intelligent manufacturing on the environmental performance of these enterprises. Additionally, we identify three primary mechanisms for this enhancement: supply chain optimization, the emergence of technological innovations, and structural optimization. A notable observation is that enterprises not certified in environmental management systems or operating within highly competitive markets exhibit a greater potential for enhancing their environmental performance. Drawing upon these insights, our study proposes detailed policy recommendations to leverage intelligent manufacturing for the sustainable progression of the pharmaceutical industry.