Over-the-Counter Drug (OTC)
Definition - What does Over-the-Counter Drug (OTC) mean?
Any medication that can be purchased without a medical prescription is considered an over-the-counter (OTC) drug.
Unlike prescription medication, over-the-counter drugs are not sold exclusively through health facilities or pharmacies but can also be purchased in other types of stores, such as convenience stores and supermarkets.
Insuranceopedia explains Over-the-Counter Drug (OTC)
The Nonprescription Drug Advisory Committee of the Food and Drugs Administration is the agency that determines whether a drug should be classified as a prescription medication or an over-the-counter product.
A drug company with a new product that it hopes to classify as over-the-counter simply follows the formulation of one that has already been classified as such.
Many OTC drugs are used to treat mild diseases, symptoms, and discomfort, such as mild fevers or headaches.
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