Bioprospecting: Enhancing the value of biodiversity and intellectual property

Abstract

Biodiversity is the fundamental resource for bioprospecting. The three phases of bioprospecting include collection, analysis, and commercialization. Bioprospecting can also include the collection of traditional knowledge relating to the use of genetic resources from local communities. Sharing the benefits of commercialization with the country of genetic resource has to be ensured in bioprospecting. Also where indigenous knowledge is used in development and commercialization of a product, benefit sharing with local communities is imperative. When the resource or traditional knowledge is used for commercialization and benefits not shared with the concerned parties, it leads to biopiracy. Convention on Biological Diversity (CBD), creation of Traditional Knowledge Digital Library (TKDL), intellectual property rights, and bioprospecting policy are some of the ways to ensure that bioprospecting is done in a sustainable and ethical manner and results in fair benefits for the country and local people from whom the genetic resources are prospected. With increasing awareness and formulation of policies by various nations, bioprospecting has become more difficult for private companies, and the bioprospecting research has been scaled down partly because the exchange of genetic materials has become highly regulated and benefit sharing quite complex. Considerable bioprospecting research has shifted to academic and research institutions. It should be ensured by policymakers in all nations that regulation of exchange of genetic resources and traditional knowledge as well as benefit sharing should be such that they should not come in the way of welfare of mankind as a whole.