What exactly are generic drugs?
Generic drugs are copies of brand-name medications that are manufactured and marketed without the same patent protections as the original medications. They have been proven as safe and effective as the original medications they emulate. They are less expensive because their ingredients are the identical to those of the brand-name medications which already conducted the expensive clinical trials required by the FDA; this means that generic drug developers can sell the drugs for less because they don’t have the same costs for research and development as the original manufacturers.

Scientific Standards and Testing
Genetic drugs are tested by the FDA in the USA, the same regulatory agency that conducts studies on the efficacy and safety of brand-name drugs. You can be assured that they have been proven to work equally well or they would not be sold on the American market. Both types of drugs must also be manufactured in first-rate factories; the FDA inspects all drug production facilities and will not allow a drug to be released onto the US market if it was manufactured in a substandard facility. In fact, many of the generic medications, as many as 50% according to the FDA, are manufactured by the same company as the brand name medications.

Cost
Insurance companies often offer reduced co-pay rates and deductibles on generic or non-formulary medications. If you do not have insurance, they can often be found at large supermarket or discount store chains for as little as $4.00 for a month’s supply. The FDA states that most generic drug equivalents are sold for as little as 80-85% of the cost of the original medications. This means that you will receive the same benefits you would with a name-cost medication, at a fraction of the price.

Safety and Effectiveness
A 2008 study of generic cardiovascular drugs published in the Journal of the American Medical Association found that generic heart drugs are just as safe and effective as brand name drugs. The researchers were baffled by some of the negative information they found in the media regarding generic drugs, especially since their own extensive studies backed up the efficacy of generic medications. Similar studies have been conducted into HIV drugs, thyroid medications, anti-depression medications, and other drugs; and all research has found that the generic drugs are equivalent to the brand name ones.

Misconceptions
You do not get more from paying extra for the name brand medications, just because it is more expensive does not mean it is better. Any doctor will reassure you that switching to a generic medication will not mean you risk having your treatment be ineffectual. These medications have been rigorously tested and have been proven time and time again to be just as safe and effective as their name brand equivalents. In fact, some studies show that generic drugs that have been on the market for extended periods of time are often safer than newer brand-name medications since they have had years of clinical trials and practical use studies to prove their safety and efficacy.


http://www.cardiosmart.org/News/Default.aspx?id=2320
FDA: What you need to know about generic drugs
http://www.fda.gov/Drugs/EmergencyPreparedness/BioterrorismandDrugPreparedness/ucm134451.htm