The FDA approved 55 new drugs in 2023 — up substantially from 2022's 37 approvals, and barely behind the all-time record of 59 set in 2018. The agency also approved five new "biosimilars," the name for cheaper versions of "biologic" drugs produced from living cells.
These biosimilar approvals could save patients tens of billions of dollars in the coming years. Unfortunately, policies passed into law by Congress and the Biden administration are deterring their development.