Implantable medical devices having a polymer gradient coating capable of controllably releasing at least one pharmaceutical compound to a localized area are disclosed. More specifically, the gradient coatings comprise at least two layers where at least one of these layers incorporates at least one pharmaceutical compound. Each of the layers of the gradient coating has at least one physical property affecting the releasability of the pharmaceutical compound incorporated therein that differs from that of at least one other layer. These physical properties include, but are not limited to, solubility constants, molecular weights, elution profiles, and bonding strengths.