Ignoring our traditional knowledge can we prove costly in the area of biological patenting. Justify. Most of the industrialised nations are rich financially but poor in biodiversity and traditional knowledge. In contrast the developing and the underdeveloped world is rich in biodiversity and traditional knowledge related to bio-resources. Traditional knowledge related to bio-resources can be exploited to develop modem applications. This can also be used to save time, effort and expenditure during their commercialisation. There 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.