FDA Drug Approvals Decline

CIO Today reported that the U.S. 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.
As reported in the market news:

Experts say the number of approvals declined mainly because there were fewer submitted. FDA drug approvals are watched closely by analysts as both a barometer of industry innovation and the government’s efficiency in reviewing new therapies.
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. 

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