What is effect of biopiracy in India

Biopiracy refers to the use of bio-resources by MNCs and other organisations without proper authorisation from countries and people concerned without compensatory payment. Industrialized and developed nations are economically rich, but poor in biodiversity while opposite prevails for developing nations. Therefore, developed countries exploit traditional knowledge and resources of poor countries for commercialisation. This is a matter of injustice since inadequate compensation and benefit sharing is given to poor countries in return. Therefore, steps should be taken by developing countries to prevent this exploitation. India being a developing country is deeply affected by it. Hence, the Indian parliament has recently introduced second amendment of Indian patents bill to deal with these issues.