5 Reviews. 5 Reviews. Etodolac is a non-steroidal anti-inflammatory drug (NSAID) used to treat mild to moderate pain, and to relieve symptoms of arthritis (osteoarthritis and rheumatoid arthritis), such as inflammation, swelling, stiffness, and joint pain.odine, the brand-name formulation of the drug, has been discontinued in the United States, and only the generic form of etodolac is available. Etodolac works by reducing the levels of hormones that cause inflammation and pain in the body. Etodolac may also be used for other purposes.