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Quoting this article Efficacy, effectiveness, efficiency, 1  efficacy is the extent to which a drug has the ability to bring about its intended effect under ideal circumstances, such as in a randomised clinical trial. 2  effectiveness is the extent to which a drug achieves its intended effect in the usual clinical setting.
Efficacy is defined as the maximum effect a drug can produce, regardless of the dose. Potency is related to the amount of drug needed to produce a given effect; it is often quantified by the ED50 or EC50, which are respectively the drug dose or concentration that causes 50% of the maximum effect. Affinity is defined as a drug's ability to bind to a receptor.