Credit: Vasyl/Adobe Stock

Biotech pharmaceutical companies may be poised for a big year in 2024. The U.S. Food and Drug Administration approved nearly 50% more novel drugs last year than in 2022, raising optimism among industry analysts and investors.

Approvals for products containing an active ingredient or molecule not previously approved rose to 55 in 2023, up from 37 in 2022 and 51 in 2021. The FDA typically approves from 45 to 50 new drugs annually, with a high of 59 in 2018. High-profile approvals in 2023 included:

"It is good to see the FDA approvals go up," said John Stanford, executive director of Incubate, a group of life sciences investors. "Our scientists can do a lot more, and from that perspective we are excited about what's coming down the pipeline, not just in 2024, but beyond that."

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Consumer Driven Health Care
Core and Group Health
Employee Participation
Employee-Paid
Employer-Paid