There has been much discussion recently concerning the compulsory licensing by Thailand of certain patented drugs under Article 31 of the WTO TRIPS Agreement. Thailand has granted a license to generic manufacturers to produce a cheaper version of certain drugs over the objection of the drugs’ patent owners. Now at least one of these patent owners may choose not to import its other patented drugs into Thailand. While many focus on the issue of Compulsory Licensing under TRIPS, a broader question is being discussed in the background. Does IP ownership constitute a monopoly? If so, does refusal to import licensed goods or do high prices of IP constitute a violation of Thailand’s Trade Competition Act? This article looks at the answers to these questions.