This paper makes an attempt to critically assess the controversies currently surrounding the TRIPS agreement vis-à-vis pharmaceuticals and public health. An explanation as to why these debates are important to third world aspirations and how they are dictated by the dominant economic and political undercurrents of the world. It would also evaluate the challenges that the Indian Pharmaceutical sector is confronted with, ever since the Patent Amendment Act 2005 has come into force. The first part briefly examines the emergence of TRIPS and the relevant concepts as well as the provisions under the TRIPS pertinent to the discussion on the existing Product Patent regime in India especially in the light of the Patent Amendment Act 2005. The second Part would delve into Product Patents and its implications on the Pharmaceutical Industry in India and in the course build a case against the existing TRIPS compliance mode. The third part would examine whether the flexibility available within TRIPS has been fully utilized by the Government of India and, the ambiguity that comes forth through the recent amendment of 2005 .Finally and most importantly the paper would address the question of what could be the possible course of action for developing countries like India to balance the interests of the public and the domestic pharmaceutical sector to cope with the consequences of the Product Patent Regime.
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