U.S. Pharmaceutical R&D Spending Versus the Number of New Molecular Entity (NME) Approvals: 1993-2018
* Beginning in 2004, these figures include new BLAs for therapeutic biologic products transferred from CBER to CDER.
Notes: The FDA defines a New Molecular Entity (NME) as a medication containing an active substance that has never before been approved for marketing in any form in the U.S. Pharmaceutical R&D Spending includes expenditures inside and outside the U.S. by U.S.-owned PhRMA member companies and R&D conducted inside and outside the U.S. by the U.S. divisions of foreign-owned PhRMA member companies. R&D performed by the foreign divisions of foreign-owned PhRMA member companies is excluded.
Source: Pharmaceutical Research and Manufacturers Association (PhRMA); U.S. Food and Drug Administration
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