FDA drug approvals in the United States hit their highest level in 18 years, as there were 41 novel medicines approved in 2014. Driven by expensive new treatments for rare diseases as well as cancer, recommendations in Europe also came at a rapid rate.
According to the FDA website, the 41 novel medicines approved by the U.S. Food & Drug Administration are 14 more than there were in 2013. This makes 2014 the second highest year of all time, with 1996 coming in first.
Due to enthusiasm for new drugs, IPOs for biotech firms hit a record high in 2014. As a whole, the drug industry saw a great deal of mergers and acquisitions. As a result, the S&P Health Care Index was up 23% on the year.
Will 2015 be another great year? We can’t wait to find out!