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Evolving Brand-Name And Generic Drug Competition May Warrant A Revision Of The Hatch-Waxman Act

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By Henry G. Grabowski, Margaret Kyle, Price Competition, Consumers’ Welfare
| Health Affairs Verified
With the Drug Price Competition and Patent Term Restoration Act of 1984, commonly known as the Hatch-Waxman Act, Congress created the foundation for the modern generic drug industry in the United States. In enacting the legislation, Congress aimed to increase generic competition while balancing the resulting cost savings with sufficient incentives to encourage the continued innovation of new drugs. By 2009, 75 percent of all US prescriptions were for generic drugs.
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