Historically, the United States has strongly promoted intellectual property (IP) rights, playing a heavy role to ensure that IP was included in international trade negotiations. This paper describes the influence of the pharmaceutical industry on U.S. trade policies with respect to intellectual property, and the ensuing consequences on access to medicines, both domestically and abroad, during public health emergencies. More specifically, the paper focuses on compulsory licensing as a means of government intervention to ensure adequate access to patented drugs. Despite the U.S. government’s legal ability to implement a compulsory licensing scheme, compulsory licensing for pharmaceutical patents may be altogether unnecessary due to a combination of factors, including the unique relationship between the pharmaceutical industry and the U.S. government, the U.S. tradition of using IP protections for innovation incentives, and the overall domestic manufacturing and production capacity for drugs