Generic drugs were first introduced to the American public in 1984 with the Drug Price Competition and Patent Term Restoration Act. The law took control of the pharmaceutical industry away from the big drug makers in the interest of stoking competition. These companies could enjoy the profits they earned until their patents expired — this made up for the cost of development and marketing — and then generic versions of the drug would be released to the marketplace. As a result of skipping the development and marketing, generic drug prices were lower, and by competing with brand names, they kept all prices as low as possible. That’s not the case anymore; generic drugs are getting more expensive than they ever were, forcing a Senate subcommittee to investigate.
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