To improve efficacy in the field of drug discovery simpler in vivo, non invasive methods such as PET and SPECT are used. Pharmacokinetic analysis is the underlying method for analyzing the PET data. Imaging of tracer distribution is used to study a metabolic process. Using Matlab as the programming language, a software tool is developed to analyze the quantitative information from PET and to obtain an estimate of pharmacokinetic parameters, representing the bio- distribution of the radiotracer. A Graphical User Interface developed allows two types of analysis, depending upon the nature of the radiotracer: Compartmental Modeling and Logan Plot Analysis. Compartmental analysis gives us rate constants and blood volume where as Logan analysis gives us the distribution volume as the parameter of interest. Code validation is done for two radiotracers, 15O-water (Single compartment model) and FPAC (Logan Plot). Results from the code were compared with those obtained during a research work done to study MDR.