Pharma Industry Records Record New Drug Approvals Despite Pandemic
In 2020, the COVID-19 pandemic had a significant impact on many areas of society. However, drug approvals in the pharma industry was not adversely impacted, and despite staffing issues the FDA was able to approve 121 novel drugs in 2020 compared with 119 in 2019. This was inclusive of an increase in approvals of new molecular entities (NMEs) which is the most innovative drug type and this number does not count emergency use authorizations for COVID-19 vaccines.
Pharma Industry Newly Approves Gene and Cell Therapies
The pharma industry has newly approved gene and cell therapies that expanded the use of technology to new disease states. Innovative medicines which have the potential to enhance the lives of women with breast cancer and are likely to grow in potential throughout 2021.
The pharma industry has also had four tyrosine kinase inhibitors as well as two RET inhibitors and numerous oral therapies for tumors approved. Notably, progress with new biologic agents has slowed and only eight new products were launched in 2020, compared with 22 and 21 in 2019 and 2018 respectively.
New approvals in the pharma industry for solid tumors and hematologic malignancies offer understanding into clinical practice treatment trends. Numerous products suggested for approval in the US and EU were orphan medicines which demonstrates a shift towards specialty drugs and targeted medicines.
The Pharma Industry in 2021
2021 remains unpredictable in respect of estimations of new approvals in the oncology and hematology fields. There is likely to be a large increase in submissions for COVID-19 therapies and vaccine approvals which may have an impact on overall approvals. In addition to this, a great deal of cancer trials were delay throughout the pandemic which means new therapies may be delayed for approval in 2021.
How Matrix Healthcare Supports the Pharma Industry
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