FDA says cold medications too risky for toddlers

The Food and Drug Administration has officially declared cold and cough medications too risky for young children. As a result, products such as Procter & Gamble Co.'s (NYSE: PG) Vicks products and Wyeth Consumer Healthcare's (NYSE: WYE) Robitussin products may need some consumer re-badging as informed parents start to look for alternatives to giving that crying baby a spoonful of cold medication at night.

The FDA suggested that all cold and cough medications should be kept out of the mouths of any child under the age of two years. This had been expected for a while and the shoe finally dropped this week. Have some children's Tylenol or Pediacare in the cabinet for that toddler? Out it goes. These products will soon carry a stern warning which will include: "serious and potentially life-threatening side effects can occur."

The FDA has also said that these targeted cold and cough medications don't help kids under 6. But that's not all -- cough and cold medications for older children are also being looked at by the FDA, and there may be a decision come this spring. Those pre-teen kids may be out of luck as well when it comes to over-the-counter decongestants, antihistamines and cough suppressants.