Generic drugs cost less than branded products.
A law known as the 1984 Hatch-Waxman Act aimed to promote growth of the generic drug industry. But brand-name companies have exploited several loopholes to unfairly delay generic drugs' entry to the market, Schumer said. Schumer said at a news conference. It also seeks to prevent unjustified petitions by individuals or groups that could delay the approval of generic products. Critics view both tactics as a way for branded companies to unfairly delay generic competition to profitable medicines at consumers' expense.