Explanation:

• The colonial-era laws that the country inherited expressly allowed for pharmaceutical patents. 
• But in 1959, a committee chaired by Justice N. Rajagopala Ayyangar noted that access to drugs at affordable prices suffered severely on account of the existing regime. 
• The committee found that foreign corporations used patents, and injunctions secured from courts, to suppress competition from Indian entities, and thus, medicines were priced at exorbitant rates. 
• The Patents Act, 1970 held that monopolies over pharmaceutical drugs be altogether removed, with protections offered only over claims to processes.
• This change in rule allowed generic manufacturers in India to grow. 
• As a result, life-saving drugs were made available to people at more affordable prices.

Hence both statements are correct.