In October, U.S. FDA approvals experienced a significant upswing, reaching a total of 27 for the month, a 92.86% increase from 14 approvals recorded by BioWorld in September. In the initial 10 months of this year, FDA approvals hit 155, an increase of 22.05% from the 127 drugs approved last year, although approvals are down from 2018-2021. Approved new molecular entities are at 29 in 2023, up from 28 in the corresponding period last year but a decline from 2017-2021.

October marked a historic milestone for the biopharma industry, with deal values hitting $44.91 billion. It was the highest amount ever recorded by BioWorld, topping a deal value of $42.45 billion in December 2022. While the cumulative value of biopharma deals through Q3 lagged behind the previous year, October’s outstanding value has catapulted this year ahead. In the first 10 months of 2023, deal value reached $175.2 billion, compared to $148.56 billion recorded in the same period in 2022.

The BioWorld Infectious Disease Index (BIDI) jumped 13.04% at the end of January and has been mostly on a downturn since, echoing trends that BioWorld analysis noted last year. BIDI ended October down 47.98%, lower than the Nasdaq Biotechnology Index and the Dow Jones Industrial Average, which were down 12.31% and 0.28%, respectively.