What does the term "generic" mean? Do generic medications produce the same effect that the brand name medicines do?

The difference between a brand name medicine and a generic one is in the name, shape and in the price. A generic drug is usually called by the name of the active ingredient while a manufacturer uses a brand name. However, a manufacturer cannot possess a patent for a certain chemical agent, this is why manufacturers of generic medications can legally produce the so-called "generics". They are the same chemically and since the active ingredient is identical, they have the same medical effect. Thus buying a generic medication one pays less but gets the very same result.