New Drug Approvals Have Plummeted This Year
Check the label. The Food and Drug Administration only approved 19 new drugs in 2016, a move that’s raising eyebrows for big pharma. Last year, the FDA approved 45 medications — a two-decade high. So why the sudden downturn? Biopharma companies filed fewer applications for drugs this year, potentially anticipating a new era for pharmaceuticals ushered in by the 21st Century Cures Act. The recently passed bill is set to speed up the time between testing and distribution of new drugs — but some worry it’ll lower the FDA’s standards too far.