Biopiracy is the term used to refer to the use of bio-resources by multinational companies and other organisations without proper authorisation from the countries and people concerned without compensatory payment. Most of the industrialised and developed nations are rich financially but poor in biodiversity arid traditional knowledge. On the other hand, 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 and can also be used to save time, effort and expenditure during their commercialisation.