Yes, there's something called the plasma concentration curve which monitors how quickly a drug is absorbed and how quickly it's eliminated.
There's something called the minimum effective concentration and the minimum toxic concentration and doctors and pharmacists try to keep the drug concentration somewher in between in order to maximize the efficacy of the drug.
Of course it will change depending on the drug, how it's introduced (e.g. oral vs. IV), health of the patient, drug-drug interactions, etc. But it's still very important for doctors and pharmacists to get right.
It's also very important, as you might imagine, for anesthesiologists. That's basically what they do while a patient is in or recovering from surgery- making sure the patient is within that therapeutic window.