In 2014, the Food and Drug Administration approved more drugs than in any year since 1996.

The FDA approved 41 novel medicines in 2014, 14 more than a year earlier, reported Reuters. The most drugs the government agency ever approved in a year was 53, in 1996.

The increase in drug approvals in the U.S. mirrors the trend of increased drug approvals that was seen in Europe in 2014. The European Medicines Agency, which includes generic drugs in its list, recommended 82 new medicines last year, reported Reuters. The country saw 79 drug approvals in 2013 and 57 in 2012.

The U.S. drug approvals portrays a significant advancement in medicine, as nearly 40 percent of the new drugs were for rare diseases.

Two cancer drugs, designed to help the body's own immune cells fight tumors and promise better, longer-lasting treatment with fewer adverse side effects, were among the most notable drug approvals over the past year, reported Reuters.

Not only did the increased number of drugs approved help the patients, but they also caused biotech initial public offerings to hit a record high.

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