in Biotechnology and its Applications by

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Bioprospecting is the search for biological resources and accompanying indigenous knowledge  mainly for the purpose of commercial exploitation.

Biopiracy refers to the use of bio-resources by multinational companies and other organization without proper authorization from the countries and concerned people without giving proper compensation. The financially rich countries poor in biodiversity and indigenous knowledge exploit the underdeveloped nations rich in biodiversity and indigenous knowledge related to bio-resources. The exploitation is done to develop modern commercial applications and also to save time, expenditure and energy during their commercialization.