What is a generic medication?

Wikipedia gives the following definition: “Generic drug (pl. generic drugs, short: generics) is a drug which is produced and distributed without a brand name. A generic must contain the same active ingredients as the original formulation. In most cases, it is considered bioequivalent to the brand name counterpart with respect to pharmacokinetic and pharmacodynamic properties. By extension, therefore, generics are assumed to be identical in dose, strength, route of administration, safety, efficacy, and intended use.”