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The Pharmaceutical Industry witnessed a change after the formation of World Trade Organization (WTO) in 1995 when India, being a signatory member of WTO, adopted Trade-Related Aspects of Intellectual Property Rights (TRIPS) Agreement. Indian pharmaceutical industry, being a highly fragmented one and dominated mostly by a large number of smaller enterprises, was also apprehensive when TRIPS was included in WTO. In the above backdrop, this paper examines the Impact of TRIPS on Research and Development, Exports and Patenting activity of The Pharmaceutical Industry of India. The results of the study highlight an increase in R & D Expenses, and R& D Intensity of leading Pharmaceutical companies in the Post- TRIPs period. Moreover, the Indian companies have been at the forefront, both in terms of Drug Master Filings (DMF) and abbreviated New Drug Applications (ANDA) filings in post TRIPS period.