Drug approvals in the U.S. more than doubled in the U.S. and also increased in the European Union in 2017, compared to the previous year. The Food and Drug Administration approved 46 new medicines, a 21-year-high, including some that target rare diseases. And that number doesn’t even include promising new cell and gene therapies from Novartis and Gilead Sciences, whose drugs fell into a different category.
Yet it’s still a tough market for drugmakers, reports Reuters, with average returns on research development spending taking a tumble. Projected returns at 12 top drugmakers were only 3.2%, an 8-year-low, according to Deloitte.