The main risks arising from the WTO Agreement are the inequality and lack of competitiveness of most pharmaceutical goods, as well as the fact that Iraq is a net importer of medicines that are at the core of consumer needs, The subject matter of the Convention on the Protection of Intellectual Property Rights and its implications for the pharmaceutical industry, in particular, coinciding with the situation of financial and administrative corruption, all of which has resulted in drug fraud in the Iraqi market and its impact on public health. The control of medical technology, the persistence of the technological gap and its effects on high price levels, and the fact that domestic drug producers are obliged to obtain production licenses from global companies in the light of limited access to pharmaceutical research and development. The research aims at the impact of economic liberalization within the World Trade Organization (WTO) and its negative effects on consumers by highlighting the economic and social effects on consumption by raising prices and monopolies and restricting the volume of consumer demand because of the loss of the competitive advantage of pharmaceutical goods. Iraq's unwillingness to accede to the International Convention for the Protection of Intellectual Property Rights of the World Trade Organization (WTO) and the deterioration of the pharmaceutical industry meant increased dependence on the outside, increased trade deficits, higher price levels, and its adverse effects on consumers. Iraq finds it difficult for developed countries to use their intellectual rights as well as restrict industrial and agricultural work because production and production methods are now subject to their intellectual property protection law, which prevents any possible industrial development. The most significant potential short-term impact of TRIPS is the decline in drug production, which continues to be protected. The great challenge for drug producers is the need to obtain licenses from parent companies because of limited R & D potential. In the long run, the negative effects of TRIPS will be greater than in the short term, as they will create a major challenge for Iraqi pharmaceutical companies, namely, the need to obtain production licenses from parent companies to produce protected medicines. However, limited R & D potential for local firms The small size of the domestic market and the high cost of production discourages global companies from entering into alliances with Iraqi pharmaceutical companies. This reduces the potential for achieving the desired benefit of the TRIPS Convention for developing countries, including Iraq, by encouraging and attracting global investment to these countries. The mechanisms of the system of international relations, in particular the Monetary Fund, the World Bank, and the World Trade Organization (WTO), have brought debtor countries under the control of creditor States and have imposed economic and social costs on them as a result of adapting to global trends. However, the growing interdependence and interdependence of the world economy 59 Volume: 12, Issue: 1, January-March 2022 INTERNATIONAL JOURNAL OF RESEARCH IN SOCIAL SCIENCES AND HUMANITIES have led to increased risks and the spread of economic and financial crises and to the departure of globalization mechanisms from finding solutions to the economic and social problems of poor countries. review trade, investment, and exchange rate laws and reform legal, administrative, and financial systems. Priority should be given to strengthening the functional structure and combating economic crime and industrial and commercial fraud. Support, protection, and State sponsorship of domestic pharmaceutical industries, development of appropriate policies, and attention to market research to counter the negative effects of the WTO Convention and intellectual property protection laws. and the establishment of research and development centers to control drug technology, which will lead to capacity development to enhance competitive advantage, taking into account the importance of improving the quality and quality of products, their technical specifications, and their alignment with global changes.