Generic drugs are medications that have the same active ingredients, dosage form, strength, and route of administration as their brand-name counterparts. They are typically sold at lower prices because they do not have the same development costs as brand-name drugs. Once the patent for a brand-name drug expires, other manufacturers can produce and sell the generic version. The effectiveness and safety of generic drugs are closely monitored by regulatory agencies like the U.S. Food and Drug Administration (FDA). Generic drugs must meet the same rigorous standards for quality and performance as brand-name drugs, ensuring that patients receive effective treatment at a more affordable cost.