ABS-Bioprospecting Research and Benefit Sharing

Bio-prospecting is the process of looking for naturally occurring genetic and biochemical resources that are economically valuable. It includes the gathering, study, and use of biological and/or genetic material to use the knowledge gained for academic or professional objectives. The bioprospecting activities have increased significantly due to the biobased industry's impressive rise. Herein lies the relationship between bioprospecting, access, and benefit sharing, where the equitable distribution of benefits from natural resources as a result of traditional knowledge is ensured. Equitable distribution of the gains (financial and non-financial), resulting from the use of accessed biological resources, their by-products, innovations, and practices related to their use and applications, as well as knowledge pertaining thereto, by mutually agreed terms and conditions between the person applying for such approval, the local bodies concerned, and the benefit claimants are made sure. Biological Diversity Act of 2002, paved the way for benefits to be shared through joint intellectual property rights, the transfer of technology, and the establishment of a research and development unit(s) in such areas, which will enable the benefit claimants to receive better living standards. The involvement of scientists, benefits claimants, and locals in biological resource research and development, bio-surveys, and bio-utilizations, as well as the establishment of a venture capital fund to support benefit claims, will significantly advance this field of study. By using this dynamic method in the processes of the biodiscoveries described below, we sought to highlight the significance of measuring the value of bioprospecting using ABS in this chapter.