Generic Drug
Health Insurance
A drug that is similar to a name-brand drug but not covered by original patents and therefore cheaper. For example, the generic for the name-brand "Vicodin®" is "hydrocodone." If you buy a generic drug, you usually pay less co-pay (see "name-brand drugs").
- — Glossary of Health Insurance Terms retrieved 2014-05-18
Drug
A generic drug is the same as a brand name drug in dosage, safety, strength, how it is taken, quality, performance, and intended use. Before approving a generic drug product, FDA requires many rigorous tests and procedures to assure that the generic drug can be substituted for the brand name drug. The FDA bases evaluations of substitutability, or "therapeutic equivalence," of generic drugs on scientific evaluations. By law, a generic drug product must contain the identical amounts of the same active ingredient(s) as the brand name product. Drug products evaluated as "therapeutically equivalent" can be expected to have equal effect and no difference when substituted for the brand name product.
- — Drugs@FDA Glossary of Terms retrieved 2014-06-01