What's the difference between real medication and generics?

I was wondering this. I saw this story on CNN.com and was wondering what IS the major difference between the two?

http://www.time.com/time/specials/2007/a...

When a company invents a new medication, they own the patent on that for up to 7 years. They may choose to sell the manufacturing rights to another company and collect royalities.

However, when the patent expires, any company is free to manufacture and sell it. Generally at this time, the price drops and so called "Generic" companies pop up to sell it.

one is cheaper and the other is more expensive. the medicene im on is normally 200 dollars and thats with insurence. but the generic costs me only 30 dollars. thats the only thing the price.

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