According to me the color used for this purpose has been approved by concern authority followed by many tests. Depending upon the person to person, if someone have allergy by specific chemicals which may be present in that color it will show adverse effect.
Apart from consideration of the approved colorant for a pediatric formulation, colorants are expected to be inactive, though care must be taken in this regard also as naturally occurring colorants initially designated as inactive do have some activity as a result of long-term standing in the medium of use. The link provided by Tamer H. Hassan will prove useful to answer so many other questions about colorants
The colour used in such formulations are the colour approved by Drug and cosmetics act so i don't think they will cause some adverse effect except in some people having allergy against it( which is in very minute number since they are allowed after several passing of test only)