WASHINGTON — Following the announcement that Rep. Henry Waxman, D-Calif., intended to retire, the Generic Pharmaceutical Association on Thursday bid adieu to a legislator who had a tremendous positive impact on the generic industry.
“The contributions of this extraordinary leader, master legislator and passionate advocate for patient access to affordable medicines have positively impacted the lives of millions of American consumers," noted Ralph Neas, GPhA president and CEO. "As the co-sponsor of the 1984 Drug Price Competition and Patent Term Restoration Act, commonly referred to as Waxman-Hatch, Rep. Waxman led the creation of the modern generic drug industry, which continues to flourish today. The extraordinary success of this law, which balances competition and innovation, makes it possible for millions of patients and consumers to have access to more affordable generic medicines," he said. "In the last decade alone, this landmark legislation enabled $1.2 trillion in patient and health system savings."
Waxman was also instrumental in the passage of the Drug Quality and Security Act, which established a predictable, reliable national standard for electronic prescription medicine tracking, Neas added.