The Hatch-Waxman Act established in 1984 aimed to make generic drugs more available and reduce costs. It allows generic companies to file Abbreviated New Drug Applications referencing approved branded drugs to expedite approval process. The Act also provides incentives for early patent challenges of branded drugs and compensates branded companies for regulatory approval time lost from patent term. It established a 180-day market exclusivity period for first generic to challenge a patent, but loopholes exist like authorized generics that negatively impact generic competition.