The present research provides empirical evidence that drug names may entail implicit promises about their therapeutic power. We asked people to evaluate the perceived efficacy and risk associated with hypothetical drug names and other secondary related measures. We compared opaque (without meaning), functional (targeting the health issue that the drug is meant to solve) and persuasive (targeting the expected outcome of the treatment) names. Persuasive names were perceived as more efficacious and less risky than both opaque and functional names, suggesting that names that target the expected outcome of the drug may bias the perception of risk and efficacy. Implications for health‐related communication are discussed in light of both the increasing use of over‐the‐counter drugs and the concern about people's low health literacy. Copyright © 2014 John Wiley & Sons, Ltd.