Phase 3 of a clinical trial is conducted with a large population to assess the effectiveness, optimal dosage, and safety of a drug. During this phase, the drug is tested in a broader group of patients, often involving hundreds or thousands of participants. This phase is crucial for determining whether the drug is effective and safe for widespread use. Phase 2 focuses on the drug's effectiveness in a smaller group, while Phase 4 takes place after the drug is approved and marketed, monitoring its long-term safety and effectiveness.