Write a short note on biopiracy highlighting the exploitation of developing countries by the developed countries.
Biopiracy refers to the use of bio-resources by multinational companies and other organisations without proper authorisation from the countries and people concerned without compensatory payment.
The majority of industrialised nations are financially rich but poor in biodiversity and traditional knowledge, in comparison to developing and underdeveloped countries.
Some nations are developing laws to prevent such unauthorised exploitation of their bioresources and traditional knowledge.
The Indian Parliament has recently cleared the second amendment of the Indian Patents Bill. It takes consideration of such issues including patent terms, emergency provisions, research and development initiative.