This annual article presents new drugs and biologics that were launched or approved for the first time during the previous year. In 2007, 30 new medicines--this figure includes both drugs and biologics for therapeutic use as well as new diagnostic agents--reached their first markets. Drug repositioning continues to have a significant impact, with line extensions (new indications, new formulations and new combinations of previously marketed products) accounting for 45% of the new medicines launched in 2007. Several new features were introduced last year, and have been maintained due to a high level of interest from readers: a deeper insight into the three first-in-class drugs launched for the first time last year, providing a better understanding of their novel mechanisms of action; an analysis of the discovery and development periods for the year's new products; a comprehensive overview of drug repositioning as a strategy for extending the life span of medicines; and an analysis of the market for these new medicines. We also provide a brief glimpse at selected drugs and biologics which could reach their first markets in the foreseeable future.