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Simple English definitions for legal terms

Drug Price Competition and Patent Term Restoration Act of 1984

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A quick definition of Drug Price Competition and Patent Term Restoration Act of 1984:

The Drug Price Competition and Patent Term Restoration Act of 1984, also known as the Hatch-Waxman Act, is a law that was passed to encourage the development of generic drugs and to protect the rights of pharmaceutical companies that develop new drugs. The law allows generic drug manufacturers to use the same active ingredients as brand-name drugs, but they must prove that their product is equivalent to the original drug. The law also provides patent extensions for brand-name drugs to compensate for the time it takes to get FDA approval, and it allows generic drug manufacturers to challenge the validity of these patents. This law has helped to make prescription drugs more affordable for consumers and has increased competition in the pharmaceutical industry.

A more thorough explanation:

The Drug Price Competition and Patent Term Restoration Act of 1984, also known as the Hatch-Waxman Act, is a law that was passed by the United States Congress to encourage the development of generic drugs and to protect the interests of pharmaceutical companies.

Under this law, generic drug manufacturers can apply for approval of their products by demonstrating that they are equivalent to a brand-name drug that is already on the market. This process is known as the Abbreviated New Drug Application (ANDA) process.

The Hatch-Waxman Act also provides a mechanism for pharmaceutical companies to extend the patent life of their drugs. This is done by allowing them to apply for a patent term extension, which can add up to five years to the life of a patent.

For example, if a pharmaceutical company has a patent on a drug that is set to expire in three years, they can apply for a patent term extension that would add an additional two years to the life of the patent. This would give the company a total of five years of exclusive rights to sell the drug.

The Hatch-Waxman Act has been credited with increasing competition in the pharmaceutical industry and making drugs more affordable for consumers. By allowing generic drug manufacturers to enter the market more easily, the Act has helped to drive down the cost of prescription drugs.

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i agree froggy
texaslawhopefully
14:56
I can't believe my last 5 decisions now have either been R's or WL's
im literally freezing god
texaslawhopefully
14:56
I might be here next cycle fuck
Trismegistus
14:57
me fuckin too buddy
jackfrost11770
14:57
Welcome to the gang tex it ain't fun :( we got this, I hope lmao. Vandy please don't give up on me
GodsPlanUltimately
14:57
@SplitterusClitterus: Currently -10 but -25 with windchill :c
14:57
ok i just got in im still UR erm errmmmmm yeah thats an R
lilypadfrog
14:57
what if there was a frog musician and they were called a frogstar? would this be cool or not really
im sorry texas i hope you get an a soon
GodsPlanUltimately
14:58
You can do it ฅ/ᐠ˶> ﻌ<˶ᐟ\ฅ
snow
14:58
tex youre already an insanely qualified applicant, but with a year of work experience there is not doubt in my mind you will not get HYS :)
@GodsPlanUltimately: nvm I wont complain againn
14:58
@lilypadfrog: One of my best friends has a project named rockstar1000
unless ur innside and warm
14:58
You can be frogstar1000
GodsPlanUltimately
14:59
@SplitterusClitterus: It's okay you can complain. I am currently indoors but I have class soon. At least I have a place to be warm in ฅ/ᐠ˶> ﻌ<˶ᐟ\ฅ
14:59
i knew i wasnt getting penn its ok
GodsPlanUltimately
14:59
You have gotten into some great schools too though
GodsPlanUltimately
14:59
There is still hope!
14:59
and NYU/CLS didnt come thru today
14:59
wave in one minute? jk but imagine
lil that would be cute yes also how tf am i out of messahes?!?!? (me after def sending over 15 messages) bruh i guess ill ttyguys later....also thank u god i like complainign about the cold,, i am v cold rn theres no hearing here,, chowie YES WAVE IN 1 MIN THEN IN 15 MIN
atwatodbit
15:00
has anyone who got into Penn today gotten login info or scholly information?
texaslawhopefully
15:00
thank you splitter and snow :)
lilypadfrog
15:00
@renard99: i was hoping you would say that
cumsock
15:00
Tex u dropped this 👑
GodsPlanUltimately
15:00
@cumsock: I second this statement
15:01
no emails
15:01
thirded
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