In this paper, I first discuss the key concept of IPR and its relevance for our conditions. I particularly refer to the opportunities that exist globally with specific reference to patent expiration, biodiversity based drug development. I also review the recent trends in filing patents based on herbal resources in US Patent Office during last two years compared to the trends apparent in 1992. In part two I review the inter-organisational strategies for R&D drawing upon the excellence in informal sector as well as formal sector. Finally, I summarise the strategy that Indian pharmaceutical industry could pursue for global competitive advantage through protection of IPRs without compromising on the goal of universal health for all.