Question 2: Ignoring our traditional knowledge can we prove costly in the area of biological patenting. Justify.
Answer:
Most of the industrialized nations are rich financially but poor in biodiversity and traditional knowledge. In contrast the developing and the under developed world is rich in biodiversity and traditional knowledge related to bio-resources can be exploited to develop modern applications and can also be used to save time, efforts and expenditure during their commercialization. There should been growing realization of the injustice, inadequate compensation and benefit sharing between developed and developing countries. Therefore, some nations are developing laws to prevent such an authorized exploitation of their bio- resources and traditional knowledge.
Countries like India are under developed countries which are very rich in biodiversity as compared to developed countries like America. These developed countries often under compensate and uncredited the under developed countries for their traditional knowledge regarding the biodiversity of various plants and other organisms.
Thus, if countries like India do not have the proper biological patenting rules for its traditional knowledge then the develop countries would keep on exploiting its resources without giving any due credit and compensation.
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