Intellectual Property Rights (IPRs) have become omnipresent in the current society and have emerged as the key issue of global innovation policy. Patent, Trade mark, industrial design, geographical indication and copyright are the forms of IPRs available in India. The 'Trade Related Aspects of Intellectual Property Rights' (TRIPS) Agreement, signed in 1994 as a founding element of the World Trade Organisation, contains international provisions relating to IPR and represents the most important attempt to establish a global harmonization of Intellectual Property protection. WTO proposed TRIPS to provide a fair trade among its member countries. Patents are quite significant in pharmaceuticals. This review provides a brief overview of development of patent law in India as a consequence of the TRIPS agreement. The main aim of this paper is to study in detail about the impact of the TRIPS agreement on paramedical industry in relation with the Indian patent law, 1970. It also deals with the amendments made in the patent law with regard to patenting of Para medicine drugs and about compulsory licensing of patent, issues related to it and its impact on the developing countries and finally the patent waiver on covid vaccine is discussed briefly.