Coastal innovation: Greater Boston and Bay Area are top research hubs for novel drug approvals

graph of 2023 FDA novel drug approvals by R&D location with Boston and the Bay Area taking the lead
  • The U.S. Food and Drug Administration (FDA) approved 55 novelty drugs in 2023, the most since 2018 when 59 drugs were approved. Over the last 10 years, the FDA has approved 45.6 novelty drugs on average per year.
  • Greater Boston and the Bay Area play host to the two largest commercial lab/R&D inventories in the United States, accounting for 39% of the inventory nationally.
  • Of the 55 novel drug approvals in 2023, 44% were granted to companies with primary R&D locations in the Greater Boston Area, Bay Area, or both.

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