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This paper begins with a description of the evolution of the TRIPs Agreement. The TRIPs Agreement together with Trade Related Investment Measures (TRIMs) have taken away the powers of economic decision making from the national governments and handed them to the dominant actors in the international market place, namely the transnational corporations (TNCs). The international economic order has been radically restructured by the TRIPs Agreement which encompasses virtually the entire economic spectrum. To understand fully the implications of WTO/TRIPs Agreement on the access of drugs to consumers in the ASEAN region, this paper presents data on the pharmaceutical industry in the region and globally. All these countries have now changed their national legislation on patents in accordance with TRIPs Agreement. They will provide patent protection for pharmaceutical products. These countries will not be able to manufacture any drug under patent protection for a period of 20 years, resulting in the multinational drug companies having a monopoly of all patent protected drugs, leading to the collapse of the pharmaceutical industry in developing countries. The paper concludes that the only way to avoid this and strengthen the pharmaceutical sector in developing countries is through compulsory licensing and parallel imports, which are allowed in the TRIPs Agreement. This will enable consumers in the ASEAN countries to access affordable pharmaceuticals. This, consumers believe, is a short-term solution. The paper also gives a longterm solution, involving a shake up of the international governance system