Increase in Federal Approvals Uplifts Drug Companies

The Boston Globe reported that amid the sluggish economy, drug makers are happy about the Food and Drug Administration’s pace of drug approvals. Last year, the FDA approved 39 new treatments, which is higher than 2011’s 30.

As quoted in the market news:

“It’s a very, very exciting time,” said Harry Glorikian, managing partner at Scientia Advisors, a life sciences consulting firm in Cambridge. “I don’t see any reason why it’s going to slow down.”

Boston-area companies at the conference this week — including ImmunoGen Inc. of Waltham, Biogen Idec Inc., based in Weston, and AVEO Pharmaceuticals Inc. of Cambridge — are awaiting FDA rulings on applications for drugs to treat conditions ranging from breast cancer to kidney cancer to multiple sclerosis. Companies from other parts of the country are seeking permission to start selling drugs for Parkinson’s disease, hospital-acquired pneumonia, and many other illnesses.

Click here to read the full Boston Globe report.