Why do pharmaceutical drugs have a sell-by/use-by date? Are they less effective after their approximate shelf-life?

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This may not actually be a chemistry question.

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There is a certain amount of degradation that may happen while it sits on a shelf. They add things to the medicine to try to keep it as stable as possible. There are regulations about how much a medication can be reduced over time and still be effective. In some cases, like some OTC painkillers, it won’t be that big of a deal, but in others, like expired insulin or epi-pens, it can mean life or death.

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