Thalassemia and hemoglobinopathies necessitate lifelong disease management, leading to significant treatment costs. Generic medications offer potential cost savings, but concerns persist regarding their comparative effectiveness and safety compared to brand-name drugs. This comprehensive review evaluates the evidence concerning the utilization of generics for transfusion-dependent thalassemia and hemoglobinopathies. Quality-assured generics can offer substantial cost savings for both health systems and patients, contingent upon ensuring bioequivalence, efficacy, pharmacovigilance, and addressing stakeholder concerns.