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This updated analysis of developed country reports has found little evidence that TRIPS Article 66.2 has resulted in significant additional incentives beyond business-as-usual for transferring technology to LDC Members. It also concludes that the existing reporting system does not function as an effective monitoring mechanism, and should be reviewed by the TRIPS Council, as required by its 2003 Decision. In order to operationalise Article 66.2 more effectively, the TRIPS Council should establish an effective monitoring system, the broad outlines of which have been sketched in this policy brief. While the precise composition and mandate of the monitoring mechanism would need to be decided by the TRIPS Council, the author suggests that the mechanism be tasked with carrying out informational and evaluative functions. Building an effective global system for genuine, meaningful technology transfer is therefore in the interests of all countries, and the case of TRIPS Article 66.2 is a compelling place to begin.