As the Hatch-Waxman Act approaches its 40th anniversary, it’s time to critically examine its legacy and what it actually gave us: the highest drug prices in the world.
One of the main objectives of the Hatch-Waxman Act was to bring more generic drugs into the market. If viewed through that lens only, the act has been an overwhelming success. As PhRMA consistently reminds us, about 92% of all prescriptions in the United States are generics.
However, a more complete look at the impact of the act explains why Americans continue to pay more for prescriptions than ever before. Instead of cutting costs, this piece of legislation has become a powerful tool for pharmaceutical companies to maintain monopolies and keep drug prices sky-high.
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