The Hatch-Waxman Act, enacted in 1984, aimed to simplify the drug approval process and promote generic drug availability by allowing for abbreviated applications and establishing new drug exclusivities. It created a framework for both branded and generic drug approval, including significant provisions for patent term restoration, exclusivity periods for various drug types, and processes for challenging patent exclusivity. Overall, the act seeks to balance the interests of generic manufacturers with those of branded drug companies to enhance drug accessibility while ensuring safety and efficacy.