Xanax is a brand name for alprazolam, another medication belonging to the benzodiazepine class, similar to Valium. It's primarily prescribed for the treatment of anxiety disorders, panic disorders, and occasionally for certain other conditions like insomnia or alcohol withdrawal.

Much like Valium, Xanax works by enhancing the effects of the neurotransmitter gamma-aminobutyric acid (GABA) in the brain, leading to a calming effect that helps alleviate symptoms of anxiety and panic.

However, Xanax is often preferred for the acute management of anxiety or panic attacks due to its relatively rapid onset of action, making it effective for providing immediate relief during moments of intense anxiety or panic.