A generic drug is a prescription medication sold at a lower price than the same substance marketed as a brand name pharmaceutical. In respect to the pharmacokinetic and pharmacodynamic properties, generics are bioequivalent to their brand name counterparts.

Generic drugs are not inferior to brand name drugs. They must have the same strength and are held to the same preparation requirements. Generics are identical in dosage, strength, safety standards, efficacy, and usage.

Normally a generic version of a medication is made available when the patent on the original medication expires. Other instances under which generics may be produced is when proof is offered that a company's patent is not valid, is not enforceable, or when the generic item will not infringe upon the patent. For some drugs, patents never existed and thus they are free for generic production, or the generics are produced in countries where the patents are not enforced.

Consequently the prices for these medications are significantly lower since the company producing the medication does not have the associated costs for research and development, securing governmental drug approval, or managing a marketing campaign.

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