Drug makers catch Wall Street’s eye on approvals by new FDA head
San Francisco/London — Gridlock under the Trump administration, particularly the repeated failures to repeal and replace Obamacare, is riveting the nation. Yet at least one government agency is running smoothly — and even accelerating its operations. The US Food and Drug Administration (FDA), under commissioner Scott Gottlieb, is taking advantage of policy groundwork laid in past years to speed drug approvals. Thirty-four new drugs — treating everything from cancer to rare genetic diseases — have been approved so far this year. That’s on pace to nearly double last year’s approvals. So far, at least nine decisions came more then 20 days ahead of the FDA’s scheduled action date. Wall Street is paying attention, with some portfolio managers shifting their strategies, anticipating faster approvals and less restrictive labels. Life under the new FDA chief is a mixed bag, as they see it. On the one hand, a more permissive agency is a boon to the industry, which typically sees only 12% of ...
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