This document discusses generics drugs and provides an overview of their history, types, current state, and future prospects. It notes that generics are copies of branded drugs that are cheaper due to not having research and development costs. The 1984 Hatch-Waxman Act created an abbreviated approval pathway for generics in the US. Today, generics make up a large and growing portion of the global drug market, projected to reach $380 billion by 2021. However, generics still face challenges such as patent litigation from brand manufacturers and price erosion as multiple generics enter the market.
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