1984: The Hatch-Waxman Act

In 1984, the Hatch-Waxman Act gave generic drug companies greater access to the market for prescription drugs and gave innovator companies greater patent life for branded products. The patent gives a company the sole right to sell the drug while the patent is in effect. When patents or other periods of exclusivity expire, manufacturers can apply to the Food and Drug Administration (FDA) to sell generic versions of the