WHAT IS BIOPROSPECTING?

Biodiversity prospecting or bioprospecting is the systematic search for biochemical and genetic information in nature in order to develop commercially valuable products for pharmaceutical, agricultural, cosmetic and other applications. The phase of bioprospecting start with sample collection, isolation , characterisation and move to product development and commercialisation.

Benefits of bioprospecting

• The most important benefit is the medical properties of the plants and other organisms. Innovation is promoted through bioprospecting , helping countries to develop new pharmaceutical products .Even our indigenous medical system is heavily based on bioprospecting.
• It also favours  employment opportunities related to natural products.
• The local community and business enterprises both benefit from the economic value of the plants and organisms . The Convention on Biological Diversity , 1992 ensures  that the benefits derived are not abused by enterprises.
• It creates an incentive to monitor and preserve biodiversity in order to avoid risk of loosing economic opportunities from competitors or extinction.
• Technology and knowledge transfer among countries is promoted through bioprospecting.
• Biodiversity conservation is boosted as local populations will become increasingly aware of potential economic value of natural  habitats.
• Traditional culture habits are preserved by rediscovering ancient native practices.

Challenges

• Bioprospecting is a time consuming process, which enhances the risk in terms of expected returns. There is no certainty of returns and success rate is very low.
• Traditional knowledge bears the risk of biopiracy and intellectual property , especially for the countries who are not parties to Nagoya Protocol and where the local  law enforcement is weak in this area.
• Unequal capacities of host country stakeholders lead to unfair negotiation outcomes over benefit sharing. The negotiation of bioprospecting contracts can be difficult , including the determination of a fair price for exploration and commercialisation.
• Bioprospecting involving marine environment is prone to legal risks , including of litigation in multiple jurisdiction or conflict of jurisdiction like in Antarctica.
• Unstable harvesting of resources and other negative environmental impacts can damage the biodiversity and environment.

The concerns can be largely dealt with stronger legal and enforcement mechanisms but the local community and the enterprises will have to work responsibly to ensure that the prospects of biodiversity are utilized sustainably.