The U.S. Food and Drug Administration has approved a new drug especially formulated for women that can be used as an oral contraceptive for birth control as well as a treatment for acne.

Additionally, the drug has also been approved to treat the emotional and physical symptoms of premenstrual dysphoric disorder. The drug named YAZ, manufactured by Bayer Schering Pharma AG has become the first oral contraceptive approved by the FDA for three distinct uses.

AP quotes Phil Smits, head of Bayer Schering Pharma's women's healthcare unit as saying, "YAZ is the fastest growing oral contraceptive brand in the U.S."

"We are convinced that through its unique features, YAZ will further strengthen our worldwide leading market position in the field of female contraception," he added.