Innovation of Genetic Resources, Traditional Knowledge and its Rights: Trestle of Intellectual Property Rights

The inventions have revolutionized the world and made life easier. These inventions are being done not only in fields of machinery but also in food, medicines and cosmetics. For these, genetic resources and traditional knowledge have been used to their full potential and properties. The inventions that derive from biological resources are eligible for patent grants. The genetic resources not being intellectual property cannot be patented. There has been history of monopoly over plant varieties and use of such products. However, they have to be novel creations. These genetic resources and traditional knowledge are obtained over a long period of time, but they do not come free of cost. There are several negative aspects that are to be dealt with for the advancement of society. Biopiracy is one such disadvantage. It is the use of such resources and the knowledge related without fair compensation. The trade and share of resources has helped the world develop over centuries but the question is that whether these resources are owned but individuals or nation states. Who has the proper rights to exploit them and under what circumstances? This paper deals with the question of proprietary right over the genetic resources and traditional knowledge. This paper also throws light on the problem of biopiracy and its effects. Whether the Conventional Laws and Indian Laws fulfill the requirement for protection of Genetic resources and Traditional Knowledge? What measures should be taken up ahead with the changing times?