Bioavailability refers to the rate and extent to which an active drug ingredient is absorbed and becomes available at the site of drug action. Key parameters of bioavailability include Cmax, Tmax, and AUC, which describe the peak concentration, time to reach peak concentration, and total drug exposure over time, respectively. Bioavailability is influenced by formulation factors like drug solubility and physiological factors like gastric emptying and first-pass metabolism in the liver. Comparative bioavailability studies evaluate the bioequivalence of generic and innovator drug products.