Feeling desperate might be part of what you go through for awhile. Try to stay in touch with how your daughter is feeling and keep channels of communication open and supportive. You are going to get this worked out together.
Does your daughter have a psychiatrist prescribing her meds? Med trials can take awhile, often several weeks to observe results. If a medication seems utterly wrong to you, the doctor has to know. Most doctors respect the fact that parents have to trust gut feelings based on their own experience with their child. However, a psychiatrist has the benefit of working with many different patients of different ages and many various disorders and medications over time.
Bipolar illness alone can have psychotic features. Has your doctor discussed it with you?