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Synopsis Intellectual Property Rights refers to the assurance given by the government to reward the innovators by granting monopoly over production and marketing. General Agreement on Tariff and Trade (GATT) state: “members shall provide for the protection of plant varieties by patents or by an effective sui generis system or by a combination thereof”. The TRIPS agreement seems to be discriminatory to protect the interest of developed countries, or the patent holders. Further, the Agreement carries some unfavourable effects to developing nations like India. Some of the apparent apprehensions regarding the new patent regime are that, it would promote bio-colonisation, legalise monopolies in the form of MNCs, seriously endanger many of the Indian traditional medicinal plants through bio-piracy and over exploitation. Contradicting the apprehensions of the critics, many people fell that India holds a lot of promise in the liberalized trade regime and the Agreement would bring the favourable changes to the Indian economy. With this background, the book have a critical look at issues related to Intellectual Property Rights and its impact on developing countries.