A generic drug is a medication that is equivalent to a brand-name drug in dosage, strength, and intended use but is sold under its chemical name rather than a trademark. These drugs contain the same active ingredients as their brand-name counterparts and are required to meet the same quality and safety standards set by regulatory agencies like the U.S. Food and Drug Administration (FDA). Generic drugs are typically more affordable than brand-name drugs because they do not have the same development costs and can enter the market after the original patent expires. This helps increase access to essential medications for patients while promoting competition in the pharmaceutical industry.