What are generic drugs?
A generic drug is a chemically equivalent, lower-cost version of a brand-name drug, costing 30-80% less! A brand-name drug and its generic version must have the same active ingredient, dosage, safety, strength, usage directions, quality, performance and intended use.
Are generic drugs as safe as brand-name drugs?
Yes. Generic and brand-name drugs must meet the exact same standards for effectiveness, safety and quality.
Are generic drugs as strong as brand-name drugs?
Yes. The Food and Drug Administration (FDA) requires generic drugs to have the same quality, strength, purity and stability as their brand-name versions. Generic drugs are thoroughly tested to make sure their performance and ingredients meet the FDA’s standards for equivalency.
Do generics take longer to work?
No. Generic drugs work in your body in the same way and in the same amount of time as brand-name drugs.
Are brand-name drugs manufactured in better facilities than generic drugs?
No. Both brand-name and generic drug facilities must meet the same standards; the FDA won’t permit drugs to be made in substandard facilities. The FDA conducts about 3,500 inspections a year to ensure standards are met. In fact, brand-name firms are linked to an estimated 50% of generic drug production. They frequently make generic copies of their own or other brand-name drugs, then sell them with a generic name.

Source http://www.healthsmart.com/SmarterHealth/GenericVsBrandDrugs.aspx