Fluoxetine is a type of antidepressant that is licensed to treat conditions such as depression, bulimia, obsessive-compulsive disorder (OCD), or panic disorder. The prescription medication, which is a form of selective serotonin reuptake inhibitor, is generally taken once or twice a day. Fluoxetine is not suitable for everyone; prior to starting the drug, let your healthcare provider know if you are pregnant, have diabetes, or have a history of bipolar disorder. Potential side effects of fluoxetine may include anxiety, nausea, and drowsiness.