Shelf life of medicine is the time you can keep it around and it is still "good". That is, it's still okay to use, has not changed chemically, has not lost its potency, and will still do the job for which it was intended. The producer will only guarentee the validity of the medicine up until that date. Hope that helps... ;-)
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I do believe shelf life fo an antibiotic is one year. After that, it has no effect.