This area is showing a decline in innovation and research is mostly done behind closed doors, which doesn't do transparency much good. I don't think anyone can give you a clear picture on what exactly is going on, except that CROs are controlling the market and the main aim is making a profit. Which in reality means mostly re-evaluating existing drugs (approved and not approved) for new uses, and not new innovative research.
Well, this could lead to some new and innovative research. There are at least a thousand compounds out there and at least a thousand ailments. It will take a good deal of research and development to even test them all.