The number of available options for type 2 diabetes has increased steadily over the last decade. These include the insulins, metformin, sulfonylureas, thiazolidinediones, incretin-based therapies, and sodium-glucose cotransporter 2 inhibitors. In this paper, the safety and efficacy of these agents are reviewed with a view on updated findings that have emerged over the last few years. Most drugs for type 2 diabetes effectively lower glycated hemoglobin. Their efficacy is in the range of approximate 0.8-1.5 % reduction in glycated hemoglobin for most agents. No drug for type 2 diabetes has been shown to reduce cardiovascular risk in a clinical trial which represents a gap in the therapeutic armamentarium for type 2 diabetes. Recent evidence has linked the thiazolidinediones to bladder cancer and raised concerns about pancreatic cancer with incretins, which requires further confirmation. The rapidly emerging evidence in the field of pharmacoepidemiology of diabetes will continue to provide answers to important questions on safety and efficacy in 2015 and beyond.