There are provided a pharmaceutical raw material capable of exhibiting a uniform functionality and producing magnetic particle-containing drugs for diagnosis and medical treatments with a high reproducibility. The pharmaceutical raw material comprises a monodisperse colloid sterile aqueous solution of magnetic iron oxide fine particles having an average particle diameter of 5 to 30 nm, a saturation magnetization of 50 to 90 Am.sup.2/kg and a coercive force of 0.1 to 1.6 kA/m. The pharmaceutical raw material can be produced by forming magnetic iron oxide fine particles in the form of a colloid aqueous solution, purifying the resultant colloid aqueous solution of superparamagnetic iron oxide particles by water-washing and removing water-soluble salts by-produced upon the reaction from the reaction solution by an ordinary method, and replacing a dispersing medium of the purified colloid aqueous solution with ultrapure water.