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Drug discovery and development is a long and expensive process over time has notoriously bucked Moore's law that it now has its own law called Eroom's Law named after it (the opposite of Moore). It is estimated that the attrition rate of drug candidates is up to 96% and the average cost to develop a new drug has reached almost $2.5 billion in recent years. One of the major causes for the high attrition rate is drug safety, which accounts for 30% of drug failures. Even if a drug is approved in market, it could be withdrawn due to safety problems. Therefore, evaluating drug safety extensively as early as possible becomes all the more important to accelerate drug discovery and development. This talk provides a high-level overview of the current process of rational drug design that has been in place for many decades and covers some of the major areas where the application of AI, Deep learning and ML based techniques have had the most gains. Specifically, this talk covers a variety of drug safety related AI and ML based techniques currently in use which can generally divided into 3 main categories: 1. Classification 2. Regression 3. Read-across. The talk will also cover how by using a hierarchical classification methodology you can simplify the problem of assessing toxicity of any given chemical compound. We will also address recent progress of predictive models and techniques built for various toxicities. It will also cover some publicly available databases, tools and platforms available to easily leverage them. We will also compare and contrast various modeling techniques including deep learning techniques and their accuracy using recent research. Finally, the talk will also address some of the remaining challenges and limitations yet to be addressed in the area of drug safety assessment.