Final answer:
A brand or proprietary name selected by a drug's manufacturer is known as a trademark. Trademarks are used to market the drug, while generic drugs are less expensive, equivalent alternatives to trademarked drugs once the patent expires.
Step-by-step explanation:
A brand or proprietary name for a drug selected by its manufacturer is its trademark. This name is how the drug is identified and marketed to the public, setting it apart from other similar products, including generic drugs. Trademarks are essential in the pharmaceutical industry as they help consumers recognize specific products. For example, while many companies produce pain relievers with acetaminophen, only one company can use the branded name Tylenol, which is their trademark. Generic drugs, on the other hand, are the chemical equivalents of brand-name drugs whose patents have expired, and they are usually less expensive alternatives to the trademarked versions.
The U.S. Food and Drug Administration (FDA) oversees the approval of new and generic drugs, ensuring they are safe and effective for consumption. A New Drug Application (NDA) is necessary for new drugs, and a rigorous approval process is followed. An Abbreviated New Drug Application (ANDA) is required for generic drugs to prove they are interchangeable with or therapeutically equivalent to the originally approved drug.