The present invention relates to a medication management system that is simple, reliable and extremely easy to use. It comprises a label having a plurality of raised tabs that are depressed upon taking a medication to provide a tactile and a visual record of medication use. It can be secured to the medication container, and thus is not subject to being misplaced or forgotten. The system can be integrated with a pharmacy's computerized pharmaceutical record and prescription label printing system or it can be a stand-alone paste-on label. Alternatively, it can be used in combination with blister packs to dispense medication while maintaining a record of use. The label can be in the form of an overlay, which is placed over a preprinted container or a container having a prescription label. The use of a pressure sensitive releasable adhesive permits the removal of the overlay label in the event that is it necessary to read information on the underlying label. The underlying label is provided with a plurality of raised tabs that correspond to the number of doses to be taken per day and the number of days for which the medication is to be taken.