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Though they are called "generic"  these prescription drugs are expected to meet the same standards required of the innovator or brand name product.
What is the difference between a Generic and Name-Brand Drug?
A generic drug contains the same active ingredients in the same dosage form as a brand name drug. The strength and purity of generic medications are strictly regulated. The FDA requires all generic manufacturers to demonstrate that a generic drug will have the same medical effect as its Name-Brand equivalent by measuring the rate and extent of drug absorption. The generic drug should treat your illness or condition with the same effectiveness and safety as its brand name equivalent. Generics have to meet the same rigorous requirements as Name-Brand drugs.
Are Generic Drugs as Effective as Brand-Name Drugs?
This Web site provides information that, while useful, must not be used as a substitute for the advice of your own physician. Information available from this Web Site is not intended to be used to diagnose any medical condition or disease. Always consult your doctor directly concerning any health problem, medical condition or disease, and before taking any new medication or changing the dosage of medications you are currently taking. Always carefully read the information provided with your medications.
Are Generic Drugs as Safe as Brand-Name Drugs?
These generics have been used billions of times by millions of patients, demonstrating again that Name-Brand and generic name drug have the same effect in the body.
Are Generic Drugs Less Expensive than Brand-Name Drugs?
In most cases, YES. The cost of researching, developing and marketing a new drug- including the money spent advertising the product- are factored into the price of the branded drug. Generic manufacturers spend considerably less on development and promotion, and therefore can afford to sell their product for less money.
Is the More Expensive Name-Brand Drug of a Better Quality?
No, the quality is the same. Both have to meet the same rigorous requirements.  
Who Makes Generic Drugs?
Some are manufactured by the same pharmaceutical companies that make brand drugs, others are produced by pharmaceutical companies specializing in the manufacturing of generics. All prescription drug manufacturers must meet rigid FDA, WHO and GMP approval.