Pharmacovigilance is defined as the science and activities involved in detecting, assessing, evaluating and preventing adverse reactions or any other drug related problems of medicinal products. The rapid and interminable growth of pharmaceutical industry has resulted in an increased availability of medications that can treat, diagnose, prevent and manage various diseases efficiently. Despite surfeit of benefits, these newly developed drugs are associated with a number of adverse reactions that may range from mild to severe side effects frequently resulting in illness, disabilities and even death. To remedy this most of the pharmaceutical companies are monitoring and assessing safety issues of the newly developed medical products through well-organized system called Pharmacovigilance. Today, pharmacovigilance is considered as a continuous process of evaluation in most of the pharmaceutical companies to reduce the risks associated in bringing the new drug in to the market and to improve the safe usage of medicinal products. The proper rules and guidelines for implementation of drug safety monitoring programs has been formulated by various national and international regulatory authorities such as World Health Organization (WHO) and United States Food and Drugs Administration (USFDA).