Representative Henry A. Waxman 30th District of California

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Washington, Sep 25, 2009 -

In honor of the 25th Anniversary of the Waxman-Hatch Act, which delivered generic drug competition to the American marketplace, Rep. Waxman gave a speech recognizing the law’s achievements. Through the Waxman-Hatch law, millions of Americans have gained access to affordable medicine while incentives for bio-tech innovation have simultaneously increased.

"Madam Speaker, twenty-five years ago, President Ronald Reagan signed the landmark Waxman-Hatch law, delivering generic drug competition to the American marketplace. Since that time, generic drugs have provided millions of American consumers with access to low-cost, yet safe and effective drugs. In the last decade alone, generics have saved consumers, businesses, and state and federal governments $734 billion. American consumers fill more than six of every ten prescriptions with safe and effective generic medicines. During these difficult economic times, generic pharmaceuticals are critical to assuring that patients continue to have access to lifesaving medicines. Making sure that Americans have access to, and can afford, life-saving medicines has been one of my chief goals as a Member of Congress, and I am proud of the success of generic competition in helping achieve that goal.

Since passage of the Hatch-Waxman law, we have seen a shift in the pharmaceutical marketplace to permit greater competition and innovation--a win-win for purchasers and manufacturers alike. As a result, millions of Americans have access to safe and affordable generic medicines and our health care bill is much lower than it otherwise would have been. There is still much more we can do to increase savings from generic drugs. We should not only celebrate the 25th anniversary of Hatch-Waxman, but we should use it as motivation to ensure there is real generic competition for biotech medications. Let us show Americans that we understand that they deserve access to affordable medicine and give them a pathway that provides reasonable incentives for innovation, but does not pose unnecessary barriers to competition."