You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to www.journalgazette.net/newsletter and pick the subjects you care most about. We'll deliver your customized daily news report at 3 a.m. Fort Wayne time, right to your email.

Business

  • US stocks plunge, wiping out July's gains
    NEW YORK – U.S. stocks are plunging, putting the market on track for its first monthly loss since January.
  • Downtown banking to grow
    Another bank is opening teller lines in downtown Fort Wayne.First Financial Bank and city officials have scheduled an announcement for 10 a.m. today in the Courthouse Green across from the Anthon ...
  • Lincoln earnings rise 26%
    Lincoln National Corp. on Wednesday reported sec­ond-quarter earnings of $398 million, or $1.48 per diluted common share, a 26 percent increase from the $317 million, or $1.15 a sh ...
Advertisement

FDA approves fewer new drugs in 2013

– The Food and Drug Administration approved 27 first-of-a-kind drugs in 2013, down from 39 new medications in 2012, which was a 15-year high.

Despite the decline, FDA officials say the tally of innovative medications approved last year is in line with the historical trend. On average, the FDA has approved 28 first-of-a-kind drugs annually over the past five years.

FDA drug approvals are watched closely by analysts as both a barometer of industry innovation and the federal government’s efficiency in reviewing new therapies.

Experts say the number of drug approvals declined in 2013 mainly because there were fewer drugs submitted for review.

According to an FDA presentation given last month to industry executives, the agency received at least 32 applications for innovative medications in 2013, down from 41 in 2012. Generally the FDA takes 6 to 10 months to review new drug applications.

“I don’t think this reflects badly on the way FDA is working, rather on the number of applications they had to review,” said Ira Loss, who covers the industry for Washington Analysis. There are at least 25 new drug applications pending at FDA for 2014 with more expected to be filed early this year, according to Washington Analysis.

More drug applications bode well for an industry that thrives on new products and has seen patents on some of its all-time blockbuster sellers expire in recent years.

Drug approvals have bounced around in the mid-twenties for the last decade or so, before jumping to 30 in 2011. The 39 drugs approved in 2012 marked the highest annual tally since 1997.

Experts attribute the recent uptick to a combination of factors: a stable, well-funded FDA and a newly established research model among drugmakers that focuses on first-of-a-kind drugs for rare conditions with few other medical treatments.

Advertisement