Yes it does. Most of the preps are simethicone, the active ingredient in Mylicon, only more concentrated in the drops. The generic preps are just as good. Look for the active ingredient and amount of of it to compare. The carrier is usually the only difference in brand name and generic. I've used the drops for my colicky son, and for myself for years. Very effective.
Peppermint water, as well as ginger are other preps that work on flatulence as well. Hope it helps.