Generic drugs price competition

Fines Enhancement Laws of 1984 and 1987 increase penalties for all federal crimes, with double fines for corporations. The Drug Price Competition and Patent Term Restoration Act expedites the availability of less-costly generic drugs by permitting FDA to approve generics without repeating the safety and effectiveness research. 

As indicated above, the status of generic versions of both pre-1962 and post-1962 new drugs was settled by Congress in the Drug Price Competition and Patent Term Restoration Act of 1984. That statute will be discussed in greater detail below. 

Drug Price Competition and Patent Restoration Act of 1984 Abbreviated new drug applications for generic drugs. Required bioequivalence data. Patent life extended by amount of time drug delayed by FDA review process. Cannot exceed 5 extra years or extend to more than 14 years post-NDA approval. 

The ffatch-Waxman Act, or the Drug Price Competition and Patent Term Restoration Act, makes it easier for generic drugs to get approval from the FDA but also allows drug companies to extend their patents when the FDA approval process delays the sales of patented drugs. 

Henry Waxman, Democratic representative from California since 1975. In an unusual instance of cooperation across parties, Waxman cosponsored a bill in 1984 with conservative Republican senator Orrin Hatch called the Drug Price Competition and Patent Restoration Act. The bill helped consumers by making it easier and faster for less expensive generic drugs to get approval from the FDA. It helped drug companies by allowing their patents to be extended when the development and approval process took a particularly long time. 

The pharmaceutical marketplace has also become more crowded as innovative pharmaceutical firms compete with a growing number of generic producers as well as their own products via parallel importation. The passage of the 1984 Drug Price Competition and Patent Term Restoration Act (The Hatch-Waxman Act) intensified... 

Passage of the 1984 Drug Price Competition and Patent Term Restoration Act (Waxman-HatchAct) permits the FDA to use an expedited review process for approval of generic versions of brand-name drugs that have been found to be safe and effective but are no longer protected by a patent.The expedited review process is known as an abbreviated new drug application (ANDA). 

The Drug Price Competition and Patent Term Restoration Act made FDA approval relatively easy for makers of generic copies of originator drugs after patents or market exclusivities expire. It is widely held that this law has led to rapid decline in the originator drug s market share following patent expiration. 

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