Which of the following statements are NOT true for biopiracy?

(A) It is the use of bio-resources by multinational companies with proper authorisation by the concerned country

(B) Developing countries are rich in biodiversity

(C) Developed countries are rich in traditional knowledge related to bio resources

(D) Biopiracy involves inadequate compensation and benefit sharing between developed developing countries, while using latter's bioresources by the former

Choose the correct answer from the options given below:

(A) and (C) Only

The correct answer is Option (1) – (A) and (C) Only

Biopiracy is the term used to refer to the use of bio-resources by multinational companies and other organisations without proper authorisation from the countries and people concerned without compensatory payment.

Most of the industrialised nations are rich financially but poor in biodiversity and traditional knowledge. In contrast the developing and the underdeveloped world is rich in biodiversity and traditional knowledge related to bio-resources.

Traditional knowledge related to bio-resources can be exploited to develop modern applications and can also be used to save time, effort and expenditure during their commercialisation. There has been growing realisation of the injustice, inadequate compensation and benefit sharing between developed and developing countries.Therefore, some nations are developing laws to prevent such unauthorised exploitation of their bio-resources and traditional knowledge.

The Indian Parliament has recently cleared the second amendment of the Indian Patents Bill, that takes such issues into consideration, including patent terms emergency provisions and research and development initiative.