It is important to note that olopatadine is considered the generic name of Patanol; it is not a generic version of the drug.Patanol ® (olopatadine ophthalmic solution) is a prescription eye drop approved for treating signs and symptoms of eye allergies (known medically as allergic conjunctivitis).t is currently under the protection of a patent that prevents any generic Patanol from being manufactured in the United States. The first patent for this drug is currently set to expire in June 2011, although Alcon also has a patent for Patanol that expires significantly later (June 2015).