Pharmacokinetics is the study of drug absorption, distribution, metabolism, and excretion in the body. The key pharmacokinetic parameters include volume of distribution (Vd), clearance (CL), and elimination half-life (t1/2). Vd represents the apparent volume needed to contain the total amount of drug at the observed plasma concentration. CL is the volume of plasma cleared of drug per unit time, determined by metabolism and excretion. t1/2 is the time for drug concentration to reduce by half, dependent on Vd and CL. These parameters allow quantification of drug behavior in the body over time.