Drug Approvals on the Rise, but Still Behind Recalls
FDA and the European Medicines Agency (EMEA) are on track to approve 201 drugs in 2010, reports the Business Communications Company, Inc. (BCC; Norwalk, CT). According to the company’s market research report, The Pharmaceutical Regulatory Industry, RB-215, the rate of drug approvals is growing at an annual average rate of 10.7%. Drugs expected to be approved include those for oncology, mental disorders, hormones, contraceptives, hormones, and women’s health.
The number of drug recalls has been increasing and far outweighs approval numbers. In 2003, there were about 1934 recalls, and in 2005, there were 2072. In 2010, there should be 2616, BCC predicts. However, recall numbers average an annual growth rate of 4.8%. Product recalls center around pain management, anti-inflammatory drugs, anesthetics, and antiallergens.