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From the given description it looks like either it is a pinguecula( a kind of fatty degeneration of the conjunctiva) or a conjunctival cyst. Both the conditions do not require any specific treatment. Pinguecula can be left alone as it is a harmless condition. A conjunctival cyst is excised if is recurrent by a minor surgery. None of the eye medicines would have any kind of effect on these conditions . Only when the surrounding tissue is inflammed as is noticed by adjoining redness in the eye, anti-inflammatory eye drops are given such as fluoromethalone.
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