Write a short note on biopiracy,highlighting the exploitation of developing countries by the developed countries.

(N/A) Biopiracy is the term used to refer to the use of bio-resources by multinational companies and other organizations without proper authorization from the countries and people concerned,and without compensatory payment.
Most of the industrialized and developed nations are rich financially but poor in biodiversity and traditional knowledge.
On the other hand,the developing and underdeveloped world is rich in biodiversity and traditional knowledge related to bio-resources.
Traditional knowledge related to bio-resources can be exploited to develop modern applications and can also be used to save time,effort,and expenditure during their commercialization.