There are several novel action antipsychotics in the pipeline. There will be news on those in the News section. There is one that is fast tracked by the FDA for treatment resistant schizophrenia in phase 3. Hopefully it will help the sizeable group of people who do not benefit from current APs. There are also several medications in the pipeline for negative and cognitive issues.
Hopefully they work, and the negatives are very serious, but at least we're not naked outside a hotel setting things on fire, eh?
I agree that government should fund research because individual companies do not have the resources to fund studies that won't pay off with treatments for 20 or more years. Governments can.