Capable of being used as a substitute, valid as a replacement or alternate item.(adjective)
Capable of being substituted.(adjective)
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Use "substitutable" in a sentence
"Generics companies will need to do that if they want the FDA to deem their product " substitutable " for the original, meaning that a pharmacist could dispense the copy even if a patient had a prescription for Advair."
"Teva is also working on a " substitutable " version of Advair for Europe, and plans to file for regulatory approval in 2012."