Simultaneous sensing of dopamine (DA), acetaminophen (AP) and melatonin (MEL) was made by electrochemical method as the drugs melatonin and acetaminophen interact with dopamine in brain to induce neuro disorders. The glassy carbon electrode surface was modified with un‐doped α‐ Fe2O3, platinum doped Fe2O3 (dPtFe2O3), Pt decorated Fe2O3 (sPtFe2O3) and doped and decorated Fe2O3 (sdPtFe2O3) nano particles that are synthesized by co‐precipitation method in presence of polyethylene glycol for the first time. These particles were characterized using Ultra‐Violet Visible (UV‐Vis), scanning electron microscopy (SEM), X‐ray diffractometry (XRD), Fourier transform infrared spectroscopy (FTIR), thermo gravimetric analysis (TGA) and electrochemical techniques. The sdPtFe2O3 showed the highest catalytic activity than the dPtFe2O3, sPtFe2O3 and un‐doped α‐ Fe2O3 with well separated voltammetric peaks for DA and AP in presence of MEL. This is attributed to higher surface hydration effects of the sdPtFe2O3, dPtFe2O3 and sPtFe2O3 than the un‐doped Fe2O3 which plays a vital role in enhancing the melatonin sensing in presence of dopamine and acetaminophen. Linear ranges and lowest detection limits for all three analytes were increased by 10 times for the sdPtFe2O3 compared to other Fe2O3 modified electrodes. The sensor is validated using commercially available pharmaceutical drugs used in therapeutics.