Legal Question in Intellectual Property in California

My unresearched opinion is that this is fair use, not infringement, but may require use of the "circle-R" symbol to indicate that Tylenol is a trademark. I recommend that you do a quick study of the labels on generic (or even branded) over-the-counter meds in a large pharmacy to see how the generics are labeled, e.g., "compare active ingredients with Nyquil" and the like. Following such practice should provide some guidance.

Or, on the other hand, you could consult with the lawyer who is going to guide you through the approval process at the FDA to get your new product approved for sale.