Biotechnology and its Applications — BIOLOGY STD 12 Science — Question

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