The term "generic name" has three meanings when referring to a drug. First, it may be the chemical name of a drug. Second, it may refer to the chemical makeup of a drug rather than to the advertised brand name. And finally, generic is any drug marketed under its chemical name without advertising. Generic drugs are less expensive than brand-name drugs are chemically identical and meet U.S. Food and Drug Administration (FDA) standards for safety, purity, and effectiveness.