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What are generics?

What are generics? Here are some definitions.

Noun
  1. plural of generic
  2. (computing) The use of templates etc. to create generic source code that can be used in many situations.
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Examples
The drug companies do take advantage of these things to forestall cheaper generics.
Exclusion of generics will help consolidate the brand-name cartel and result in substantial waste of fund resources.
Doctors often continue to prescribe brand-name drugs long after generics have appeared on the market.
As soon as the patent on an expensive brand-name drug expires, the generics come onto the market.
Over 50 per cent of its revenues come from the U.S., on the back of cheaper generics.
So what I'm asking is, are generics truly equivalent to the brand-name drugs?

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