OBJECTIVE： To provide policy suggestion for the effective implementation of “two-invoice system” policy in the field of pharmaceutical distribution in China. METHODS： By analyzing current mode and problems of pharmaceutical distribution in China， the implementation background of “two-invoice system” was understood. At the same time， main points of “two-invoice system” policy were reviewed and summarized； the effect of the policy promotion and the potential risks could be inferred， and the corresponding policy suggestions were put forward. RESULTS & CONCLUSIONS： At present， there are many problems in the field of pharmaceutical distribution in China， such as low concentration of industry， confusion of circulation order， numerous relevant parties of interest chain and endless violations. The implementation of “two-invoice system” has realized the consistency of invoice flow， logistics and cash flow， through clearly defining production enterprises， strengthening invoice management of circulation enterprises and public medical institutions， guaranteeing drug supply in remote areas， constructing information platform， compressing circulation link， integrating circulation enterprises， implementing “point to an area” completely. It is conducive to effectively improve regulatory efficiency of government departments and the concentration of pharmaceutical distribution industry， and is expected to reduce the virtual high drug price through linkage with other policies. The “two-invoice system” policy framework of provinces （regions， cities） is adjusted according to practical situation of different districts based on the national policy， corresponding practice and exploration have been carried out. The “two-invoice system” has its own adaptability in the implementation process， which may cause drug shortages， local protectionism and new interest chain. The author puts forward the countermeasures， such as timely assessment of the implementation of the “two-invoice system”， taking various measures to ensure the supply of drugs， setting up appropriate policy transition period， and strengthening coordination and cooperation among relevant departments so as to response to potential risks during the implementation of the “two-invoice system” policy.