Biopiracy refers to the use of bio-resources by multinational and other organizations without proper authorization from the countries and the concerned people without compensation.
The developed countries exploit the genetic resources of the developing counties and the Multinational corporations (MNCs) exploit indigenous traditional knowledge. This leads to biopiracy where the patentee after exploiting the genetic resources and knowledge does not give proper authorization or compensation to the country. The developed countries then seek monopoly control over these resources or the inventions derived from these resources.
