The pharmaceutical industry is closely related to the national economy and people's livelihood, with high drug prices and pressure on health insurance. The implementation of the band purchasing policy has made an important contribution to lowering drug prices, improving the balance rate of health insurance, reshaping the pattern of the pharmaceutical industry, and improving the efficiency of pharmaceutical production and circulation, but how the band purchasing policy affects the performance of the majority of pharmaceutical enterprises, and how the pharmaceutical enterprises can effectively deal with the challenges of environmental mutation and other related problems have not yet been effectively explored.To this end, this paper collects data from A-share listed pharmaceutical companies in China from 2014 to 2022, takes 2018 as the base year for the implementation of the "4+7" "band purchasing" policy, and utilizes a multi-period DID double-difference model for hypothesis verification. It is found that the implementation of the band purchasing policy significantly reduces the profitability performance and growth performance of pharmaceutical enterprises. Secondly, the implementation of enhanced innovation can moderate the negative impact of band purchasing on the growth performance of enterprises, and the expansion of exports and the enhancement of digitalization can significantly ii improve the negative impact of band purchasing on the profitability performance of enterprises, but has no effect on the growth performance of enterprises. In addition, this paper analyzes the process of pharmaceutical enterprises' implementation of enhancing innovation, expanding exports, and improving digitalization through case studies, and refines the strategic change process model of "coping strategy formation - coping strategy implementation - adaptation to the new state" under the sudden change environment. This paper explores the differentiated effects of coping strategies of different types of pharmaceutical enterprises in the face of the band purchasing policy, and provides some insights into the practice of related enterprises.