Why are generic pharmaceuticals significantly cheaper than name brand ones?

NEED HELP ASAP

Generic drugs tend to cost less than their brand-name counterparts because generic drug applicants do not have to repeat animal and clinical (human) studies that were required of the brand-name medicines to demonstrate safety and effectiveness.

Generic pharmaceuticals are significantly cheaper than name brand ones because generic pharmaceuticals are not protected by patent law, so the lack of barriers to entry and increased competition keep prices down.

Also, the makers of generic drugs do not have to cover the cost of developing and marketing a new product.