This article aims to present the system of compulsory licensing resulting from the TRIPS Agreement, with particular emphasis on the impact of the Doha Declaration of 2001 and the Geneva Declaration of 2022. The principles of compulsory licensing contained in art. 31 of the Agreement and the possibility of exemptions from some of them thanks to the Doha Declaration, as well as the proposed changes in their application resulting from the Geneva Declaration was indicated. In addition, the case of granting a compulsory license in the territory of Canada in the interest of Rwanda was mentioned, which was the first and so far the last example of using the TRIPS compulsory licensing system in practice. The analysis of the above issues makes it possible to determine whether the described system is properly regulated or whether it requires further work and modifications.