Nanotechnology is fast emerging as a powerful platform technology for developing modern drugs with several companies getting into various stages of research worldwide. Scientific initiatives are on in different countries to find various nanotech materials and how to effectively use nanotechnology in drug delivery. But research bodies or companies have not come out with any worthwhile discoveries on this front yet. In India, Dabur Pharma recently has developed a nanotechnogy-based chemotherapy agent Nanoxel, a novel drug delivery system for the widely used anti-cancer drug Paclitaxel. Dabur is working on at least seven other nano-based drugs. Large pharmaceutical companies like Dr Reddy's and Nicholas Piramal are also into research in nano drugs. All India Institute of Medical Sciences is already conducting a clinical study to evaluate a new nanotechnology based Drug-Eluting Stent for opening of narrowed arteries of the heart. AIIMS hopes that the new stent made of nanoporous particle with better polymer for drug release will prove to be safer and more efficacious alternative to currently available DES. Apart from the private initiatives, the Central government is also into this emerging technology front quite seriously. The National Institute of Pharmaceutical Education and Research has a dedicated Centre for Pharmaceutical Nanotechnology for carrying out nano-based drug delivery research. NIPER had started research in nanotechnology for drug delivery as early as 2003. Its research programmes have attracted funds from several national and international funding agencies such as the Third World Academy of Science, Italy, Royal Society of Chemistry, London, Department of Science and Technology and Department of Biotechnology. The Union government has recently allocated Rs 1,000 crore for nanotechnology research and training programmes in the country. The proposal to set up country's first Nano Park in Bangalore is part of this project. Investment for the proposed park is going to be Rs 250 crore. Karnataka was identified for the Park after taking into account the efforts of research teams at Indian Institute of Science and Jawaharlal Nehru Centre for Advanced Scientific Research. Although scientists across the world believe that nanotechnology could revolutionise the drug delivery, there are serious concerns expressed about the safety of nano materials and applications of the use of this technology. As it is, there are no guidelines or rules to regulate use of nanotechnology elsewhere in the world. Most nations including the United States are still trying to frame laws in view of its growing significance. In India too, these classes of products do not come under any specific set of regulations. However, the government has entrusted NIPER with the task of framing a set of regulations for nanotechnology. NIPER has already started interacting with its counterparts in other countries to gather information in this regard. Unfortunately, the whole process of laying down rules for this highly promising sector is not very satisfactory considering the speed with which private sector is progressing to introduce nanomedicines