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Phentermine (Adipex-P) is an inexpensive drug used to decrease appetite. It is used with a reduced calorie diet and exercise to help you lose weight. It is more popular than comparable drugs. It is available in generic and brand versions. It is not covered by most Medicare and insurance plans, but pharmacy coupons can help offset the cost. phentermine also known as α,α-dimethylphenethylamine, is a psychostimulant drug of the substituted amphetamine chemical class, with pharmacology similar to amphetamine. It is used medically as an appetite suppressant for short term use, as an adjunct to exercise and reducing calorie intake.