A multinational company (XYZ) marketed a medicine extracted from medicinal herbs grown in the sprawling fields in a foreign country. This herb is found only in our country and no compensation was paid or permission taken from relevant authorities
i) What is the term used to refer to such an act committed by the multination al company?
ii. Justify the meaning of the term.
ii. What has our government done to prevent such deeds?

Explanation

i. Biopiracy
ii. Biopiracy is the use of bioresources by multinational companies and other organisations without proper authoritisation from the coun tries and people concerned without compensatory payment.
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iii. The Indian Parliament has recently cleared the second amend ment of the Indian Patent Bill, that takes such issues into consider ation, including patent terms, emergency provisions and research and development initiative.