“Smart” nanomedicine demands step‐by‐step quality testing as an integral part of all new nanoformulations. A range of methods to design NPs with reduced toxicity are now possible relative to conventional NPs. In order to improve the chances of clinical translation, adherence to the good clinical practice standards is expected from phase I to closely supervised phase IV. However, the most significant challenge faced today in the field of nanotoxicology is the detection and evaluation of the adverse effects of a variety of engineered nanomaterials that are commonly manufactured and launched for versatile applications with their different physicochemical properties. Because of multiple reasons, for example, the precise hazard distinctions of NPs are not quite easy to discover, we are not clear about the physicochemical property of the NPs affecting the toxicity, although, the extreme improvements in molecular, chemical, and other properties that can be formulated by nanotechnology applications are so fascinating that analysis can even be valued to assess their effects on product quality, potency, or other functionality. Also, advanced techniques and approaches are required for the study of NPs’ toxicity making it possible to examine, at the molecular level, multiple processes and mechanisms of toxicity and to accurately predict possible harmful effects at the level of the body. There is a need for autonomous sources like public finance organizations and foundations to back up the research needs of maturing nanodrugs. In addition to concerns relating to nanomaterials and the complexity of biological processes, there are issues relating to the putting of the substance on the market, including large‐scale processing, biocompatibility, intellectual property issues, regulatory issues, and general cost‐effectiveness relative to conventional treatments. Nevertheless, there is still tremendous hope and we remain optimistic that nanomedicine will certainly take its place not as a miracle cure but as a solution to unique, unmet patient needs in clinical practice.
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