What is the term used for a monopoly granted to a person who has invented a new and useful article, made improvements to an existing article, or invented a new process of making an article?

Patent

A patent is a monopoly granted to a person who has invented a new and useful article, made improvements to an existing article, or invented a new process of making an article. However, the modification and usage of living organisms for public services, such as food and medicine sources, have led to issues with patents granted for such innovations.

There is a growing public concern about certain companies being granted patents for products and technologies that utilize genetic materials, plants, and other biological resources that have been traditionally identified, developed, and used by farmers and indigenous people of specific regions or countries. This practice is often referred to as biopiracy, where companies or individuals claim intellectual property rights over traditional knowledge and genetic resources that belong to local communities.

The issue of biopiracy raises ethical and social questions about the ownership and commercialization of natural resources and traditional knowledge. It has become a matter of contention as it may lead to the exploitation of indigenous people's resources without benefiting the communities that have nurtured and conserved these resources for generations. Efforts are being made to address these concerns through international agreements and regulations that protect the rights of indigenous communities and promote equitable sharing of benefits from genetic resources and traditional knowledge.