From The Collaborative International Dictionary of English v.0.48:

Generic \Ge*ner"ic\, Generical \Ge*ner"ic*al\, a. [L. genus,
   generis, race, kind: cf. F. g['e]n['e]rique. See Gender.]
   [1913 Webster]
   1. (Biol.) Pertaining to a genus or kind; relating to a
      genus, as distinct from a species, or from another genus;
      as, a generic description; a generic difference; a generic
      name. [WordNet sense 1]
      [1913 Webster]

   2. Very comprehensive; pertaining or appropriate to large
      classes or their characteristics; -- opposed to
      specific. [WordNet sense 3]
      [1913 Webster]

   3. (Commerce) Not protected by trademark; -- used especially
      of the names of medications; as, a generic drug; the
      generic name of Rogaine is minoxidil. [WordNet sense 2]

   Note: Since patented medications cannot be sold except under
         license from the patentee, medication which is still
         under patent is not typically sold as a generic drug,
         i.e., sold under its generic name, though it can be
         referred to by its generic name.
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