Investment bank USB has reportedly issued an analysis which apparently shows that the U.S. Food and Drug Administration (FDA) has increasingly rejected the drug-approval  or nonapproval recommendations of its advisory committees, making it difficult to forecast  accurately whether FDA will follow a committee vote and increasing the likelihood of bio market  volatility. Sponsors routinely warn that FDA is not required to follow an advisory committee’s  advice, and USB apparently found this to be a pertinent caveat. In 2013, FDA followed a positive  endorsement just 80 percent of the time, down from 100 percent just two years earlier. Still, when  the advisory committee vote is mixed, FDA has apparently increased its approval rate from 0 percent  in 2011 to 14 percent in 2012 and 17 percent in 2013. See EP Vantage, April 14, 2014.