Which measure has the Indian Parliament taken to address and satisfy the demands of patent terms and other emergency provisions in this context?

Indian Patents Bill

The correct answer is Option (2) -Indian Patents Bill

Biopiracy refers to the unauthorized use of bio-resources by multinational companies and organizations without proper authorization from the countries and communities that hold the resources, and without providing fair compensation.

Industrialized nations are often financially prosperous but may lack the rich biodiversity and traditional knowledge found in developing and underdeveloped countries. In contrast, the developing world possesses abundant biodiversity and traditional knowledge related to bio-resources. This traditional knowledge can be valuable in developing modern applications and streamlining the commercialization process, leading to time and cost savings.

Growing awareness of the injustice and inadequate compensation and benefit-sharing between developed and developing nations has led some countries to enact laws to prevent the unauthorized exploitation of their bio-resources and traditional knowledge.

In this regard, the Indian Parliament recently passed the second amendment to the Indian Patents Bill, which addresses such issues. The amendment takes into consideration patent terms, emergency provisions, and research and development initiatives to protect the country's bio-resources and traditional knowledge from unauthorized use and ensure equitable benefit-sharing.