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...similarity in drug absorption and effect between two formulations

Bioequivalence refers to the relationship between two drugs that have the same active ingredients and are expected to have the same effect on the body. For two drugs to be considered bioequivalent, they must show similar bioavailability, meaning they release their active ingredients into the bloodstream at the same rate and extent. This concept is crucial for approving generic drugs, ensuring they perform just as effectively as their brand-name counterparts.