Step 1: Concept
Calamine is a topical protective agent used in dermatological preparations.
Step 2: Meaning
It is primarily composed of zinc oxide ($ZnO$) with a small addition of ferric oxide ($Fe_{2}O_{3}$).
Step 3: Analysis
The zinc oxide provides the antiseptic and protective properties, while the ferric oxide (usually about 0.5 percent) gives calamine its characteristic pink color.
Step 4: Conclusion
The combination of zinc oxide and ferric oxide defines the chemical composition of pharmaceutical-grade calamine.
Final Answer: (B)