Hikma celebrates 40 years of Hatch-Waxman drug savings
London, 30 September 2024 – Hikma Pharmaceuticals PLC (Hikma), the multinational pharmaceutical company, has become one of the leading providers of high-quality generic medicines to millions of patients across the US, thanks to an important piece of legislation that marked its 40th anniversary last week.
The Drug Price Competition and Patent Term Restoration Act of 1984, better known as the Hatch-Waxman Act, is a US federal law that established the modern system for regulating generic drugs in the United States. The Act was signed into law on 24 September 1984, paving the way for companies like Hikma to provide Americans with broad access to a wide range of more affordable generic medicines.
According to the Association for Accessible Medicines (AAM), generic medicines saved US patients, employers, and taxpayers more than $445 billion in 2023 alone, and more than $3 trillion in savings the last ten years.
Hikma is proud to contribute to the 90% of all US prescriptions which are filled with generic or biosimilar medicines. As a leading generics company in North America, Europe and MENA, with a portfolio of more than 760 essential medicines and a strong and growing US manufacturing presence, Hikma is committed to providing patients around the world with reliable and affordable high-quality medicines.
Read AAM’s 2024 U.S. Generic & Biosimilar Medicines Savings Report here: 2024 Savings Report | Association for Accessible Medicines (accessiblemeds.org)