A generic drug is the affordable equivalent of an already market-branded drug.
Any pharma company can launch generics in the drug market once the patent protection and market exclusivity are over.
Generic drugs use the same active ingredients as brand-name medicines and work the same way, so they have the same risks and benefits as brand-name medicines, just with affordable price tags.
Pharsight provides the expected date to launch generics in the drug summary like here for Abilify.