Traditional medical knowledge (TMK), encompassing the medicinal use of plants and other natural substances, is a vital health resource for indigenous communities worldwide. As interest in traditional medicines has grown among researchers and pharmaceutical companies seeking new drug leads, questions have arisen regarding the ownership of this knowledge and how communities can benefit from its commercial development while preserving their cultural heritage.The debate centers on applying intellectual property rights (IPR) frameworks, originally designed to protect individual innovations, to collectively-held traditional knowledge. Efforts to resolve these issues have included sui generis IP systems, access and benefit sharing agreements, defensive knowledge repositories, and disclosure of origin requirements. However, obstacles remain in creating approaches that are practical, enforceable, and balance the interests and worldviews of knowledge-holding communities, national governments, and the private sector.India, with its rich history of traditional medical systems like Ayurveda, Siddha and Unani, has been at the forefront of these debates. Through legislative measures like the Biological Diversity Act and Patents Act as well as pioneering initiatives like the Traditional Knowledge Digital Library, India has sought to prevent misappropriation of its TMK while exploring avenues for its protection and equitable commercialization. However, challenges persist in ensuring adequate legal protection, stakeholder participation, and benefit sharing.