According to the Food and Drug Administration, a generic drug is identical to a brand name drug in dosage, safety, strength, route of administration, quality, performance characteristics and intended use.  Generic brands often get a substantially cheaper price when sold in the market. Although the generic and branded drug has the same pharmacological effect, it appears to be cheaper in price because the manufacturers have not had the expenses of developing and marketing a new drug.
Drug companies must submit an abbreviated new drug application (ANDA) for approval to market a generic product.  When a company decides to develop a new drug onto the market, their fund eventually goes down to research, development, marketing, and promotion of the drug, leaving them with a small amount of money when it comes to branding the newly developed drug.
New drugs, like any other pharmaceutical products are required to undergo patent protection. The patent protects the investment in the drug's development by giving the company the sole right to sell the drug while the patent is in effect.  Once the patent expires, drug manufacturers may still apply for an FDA approval for them to be able to continue selling these generic drugs.
There are these most common beliefs in generic drugs that must be put to a stop. There's no truth behind the speculation that once a drug was manufactured and named as a generic drug, it was developed in poor quality facilities. Also, comparing the both in terms of their pharmacological effect must be avoided for it is proven that the only difference between the both was that the branded drug has a paid brand name so that it can be manufactured in the market properly.
Another belief that must be put to an end is that generic drugs take a longer time for it to be effective. The FDA requires newly developed drugs to work as fast and as effectively as the branded ones.
Generic brands are not available for all medications. The best way to find out if a generic brand is available for a medication you are taking is to ask your doctor and pharmacist.  Check out the different pharmacies in the Philippines that highlights the effectiveness of generic brands in MyDoctorFinder’s listing (http://mydoctorfinder.com/pharmacy).
 “What are Generic Drugs?” by United States Food and Drug Administration, retrieved from http://www.fda. gov/Drugs/ResourcesForYou/Consumers/BuyingUsingMedicineSafely/UnderstandingGenericDrugs/ucm144456.htm
[2, 3] “Generic Drugs, Are They as Good as Brand Names?” by Medicine Net, retrieved from http://www.medicinenet.com/script/main/art.asp?articlekey=46204
 “Generic Drugs: Answers to Common Questions” by Web MD, retrieved from http://www.webmd.com/healthy-aging/guide/generic-drugs-answers-to-common-questions