I was explicitly not addressed in this thread, but I am going to gate-crash it now with my 2p for the archives … :-)
Kimme7 (or soupsqueak or whatever he/she calls him/herself these days) omitted to say that his/her original text came from Austria – where the term "Arzneispezialität" is not as old-fashioned as it is in Germany (if you look at Google, many of the hits are from Austrian sources).http://wko.at/ooe/Drogisten/Rundschreiben/RS%...
“Arzneispecialitäten” were defined as in the link given by Miss Take in #4 .
(The literal translation would be “speciality” and in the UK this term was indeed used in the past – and there is still the very useful MIMS – Monthly Index of Medical Specialities – which lists all the medicinal products currently available in the UK.)
The term “proprietary medicinal product” was replaced by “medicinal product” in Directive 89/341/EEC back in 1989, so the use of the more old-fashioned term in Austria may sometimes be reflected by translating “Arzneispezialitäten” as “proprietary medicinal products” and “Arzneimittel” simply as “medicinal products” - but these days, as you and Miss Take and spheniscus so rightly said, the term for both is simply "medicinal product(s)".