Ayurveda, the knowledge of life, immortalized in the form of elegant Sanskrit verses in the Samhitas describes diagnosis and therapy of disease as well as ways to maintain positive health (Dahanukar and Thatte, 1983). Although the technical term “Pharmacovigilance” does

not feature in ayurvedic texts, the spirit of pharmacovigilance is vibrant and is emphasized repeatedly in all major texts. The major goals of pharmacovigilance, namely to improve patient care and safety in relation to drug use, and thus promote rational drug use are recurrent themes of ayurvedic pharmacology (Dravyaguna vigyan) and therapeutics (chikitsa). The success of pharmacovigilance system is in the ability to prevent further adverse reaction successfully by understanding and using the information collected. The pharmaceutical and biotech industry is revolutionizing in a manner where innovation and pharmacovigilance are not polarized. The business models are maturing to the next level of niche busters and towards a coexistence of novel and the age old blockbuster strategies. Pharmacovigilance forms the backbone of the product life cycle due to a demand created by the need for new drugs and their regulation. Events such as thalidomide tragedy highlight the extreme importance of effective drug monitoring system for all medicines.