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TeachMeFinance.com - explain efficacy efficacy -- Effectiveness. In medicine, the ability of an intervention (for example, a drug or surgery) to produce the desired beneficial effect. Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Source of definition: The National Cancer Institute. Please read the disclaimer for details.