Generics -are- equivalent and regulated to be as such. [1] If you are hearing anything different it's just BS.
[1] https://www.fda.gov/drugs/questions-answers/generic-drugs-qu...
A really good example where this fails miserably is Adderall for ADHD. The generics are absolutely miserable. And if you actually find a generic you tolerate you can never switch pharmacies because they’ll be different.
I’m no pharmacological expert but when I asked my pharmacist they explained it to me they said it was because Adderall is a mix of two drugs and it’s expensive to refine them into a balanced ratio but the FDA doesn’t care so generics don’t bother.
A good example is with methylphenidate generics - you get the same amount of methylphenidate, but the name-brand extended release is far more effective than the generic extended release because it spreads the same amount of active ingredient over a longer period (the delivery mechanism created by the inactive ingredients in some generics is subpar).
Occasionally, you'll get non-bioequivalent generics that slip through FDA approval, which happened to some methylphenidate generics [0][1]. I remember getting switched to the name brand when this came out, as the supplier for all the pharmacies near me used a non-bioequivalent manufacturer. (Authorized generics don't have this problem since it's literally the name brand with generic labels slapped onto it, but the one the nearby pharmacies could get through their suppliers was not the authorized generic.)
[0]: https://www.fda.gov/drugs/drug-safety-and-availability/quest...
[1]: https://www.reddit.com/r/ADHD/comments/3af86d/fda_rules_2_fo...
Though, I do wonder if Vyvanse becoming a generic brand will help solve this dilemma, because the release mechanism is tied closer to the individuals metabolism via hydrolysis of an amino acid rather than relying on release rates set by minor manufacturing differences.
Most people I know in Australia with ADHD are treated with generics (very common among my friend group for some reason) and none that I am aware of have noticed any substantial differences between generics and brand name equivalents but I couldn't quickly find any studies that have investigated this.
I wonder if that is due to variation in balance of the included amphetamines (as most of these are multiple active ingredients) though as I doubt that the inactive ingredients would play a significant part.
[1] https://www.nps.org.au/assets/fc20fd821a02cf80-8d2289edb5e3-...
There’s more than just the raw chemical in play in a lot of meds.
ETA: The fact that generics are not “literally identical” is probably the most important scientific, policy, and commercial consideration in that industry. FDA has to determine whether the benefits of lower costs justify the potentially lower efficacy, and set bounds for how different a generic can be and still count as “bioequivalent.”