The document discusses bioassay, which is the estimation of the concentration or potency of a substance by measuring its biological response over a biological system under standard conditions. It describes the purposes of bioassay such as determining drug potency and specificity. The principles and types of bioassay techniques like graded response, quantal, and multi-point assays are explained. Examples of bioassays for important drugs like insulin are provided. The document highlights the applications, uses, advantages, and disadvantages of bioassay.