I make flamingos tipsy: it's a medicinal preparation (4,2,8)

I believe the answer is:

milk of magnesia

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'a medicinal preparation' is the definition.
'milk of magnesia' can be an answer for 'preparation' (I have seen 'Antacid preparation ' mean 'milk of magnesia' so perhaps 'preparation' could also mean 'milk of magnesia'). I'm not sure about the 'a medicinal' bit.

'i make flamingos tipsy' is the wordplay.
'tipsy' is an anagram indicator.
'i'+'make'+'flamingos'='imakeflamingos'
'imakeflamingos' is an anagram of 'MILK OF MAGNESIA'.

'it's' acts as a link.

Can you help me to learn more?

(Other definitions for milk of magnesia that I've seen before include "Antacid preparation" , "laxative" .)

I've seen this clue in The Everyman puzzle in The Observer.

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