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Fifty-five new treatments were approved by the U.S. Food and Drug Administration (FDA) in 2023. This is a nearly 50% increase from the year before. Typically, 45-50 new drugs are approved each year.Numerous factors, including the complexity of new drugs in development and the advancements in scientific understanding of ailments and their targets, significantly influence the approval of groundbreaking drugs.
High-profile FDA approvals in 2023 include:
- Alzheimer’s treatment Leqembi
- Obesity drugs Zepbound and Eisai
- Gene therapies, including a sickle cell disease treatment
Employer Takeaways
As the FDA ushers in a new era of drug approvals, industry analysts anticipate a surge of breakthroughs in 2024. While the COVID-19 pandemic posed challenges for the FDA's operations, including remote work and delayed inspections, recent data indicates that communication with developers has improved, despite some workflow disruptions and staffing issues.
For employers offering health insurance benefits, it's essential to reassess coverage plans in light of these new drug approvals. Consideration may also be given to incorporating these innovative medications into formularies or adjusting coverage policies. Moreover, these advancements in drug approvals hold the potential for enhanced treatments for various medical conditions, ultimately benefiting employee health and well-being. Download the bulletin for more details.
National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.
