From what I understand generics are cheaper because they do not advertise like the name products brands do. Therefore they save millions on advertising and are able to sell their products alot cheaper.
I concur with caregiver222. Absolutely.
That is a question that has several facets.
Theoretically, there is no difference whasoever.
That being said, quality control in different nations varies considerably. For those drugs manufactured in the United States, probably the difference is insignificant. But generic drugs may be manufactured elsewhere, and in that case there may in fact be a difference. Primarily in addition of fillers, absorbtion rate into the bloodstream, half-life, and shelf-life.
Pharmaceutical manufacturers spent millions of dollars to convince the public that a "brand name" provides superior medicinal value, but in general this is not so.