Novartis expects Prevacid 24HR to be available at pharmacists later in the year.
The Proton Pump Inhibitor for frequent heartburn is the first of its kind to be made available over-the-counter (OTC) since 2003.
It contains the active ingredient lansoprazole, is taken once a day and works by preventing acid release in the stomach.
During clinical trials, some patients' symptoms were completely relieved 24 hours after taking the treatment. Others had to wait between one and four days for the full effect.
The remedy is licensed by Takeda - and Larry Allgaier, global head of Novartis' OTC business unit, explained why the firm trusted Novartis to take the medication to pharmacies.
"[It was] because of ? our demonstrated history of success taking prescription products over the counter, providing consumers with greater convenience and broader access to the effective treatments they need, while continuing to build the brands," he said.
Earlier this month, Novartis received approval from the European Commission for its drug Glivec for patients who have undergone surgery to remove gastrointestinal stromal tumours to help prevent the risk of a recurrence.