What is Biopiracy ?

Explanation

Biopriacy : Use of bio-resources by MNCs and other organizations without proper authorization from countries and people concerned without compensatory payment. Industrialized and developed nations are economically rich, but poor in biodiversity while opposite prevails for developing nations. Therefore, developed countries exploit traditional knowledge and resources of poor countries for commercialization.
1. This is a matter of injustice since inadequate compensation and benefit sharing is given to poor countries in return. Therefore, steps should be taken by developing countries to prevent this exploitation.
2. The Indian parliament has recently introduced second amendment of Indian patents bill to deal with these issues.