Commercialisation and Biopiracy of Genetic Resources in the 21^st Century: The Imminent Need for Stronger Regulation

193-210The commercialization of genetic resources (GRs) is a continuous and evolving process that promises high rewards to those engaged in it. In the 21st Century, GRs and their relevant technology are commercialised either through grant of monopoly rights ingrained in patents and plant variety certifications or through benefit sharing mechanisms. Despite ongoing palavers assuring the free and fair nature of the current Intellectual Property (IP) regime, problems associated with commercialization persist. The lack of interest by the international community to address issues of biopiracy create new forms of deficit causing the imbalance of sovereign powers between nations and bargaining powers between multinational companies and Indigenous communities. Despite the best efforts of the IGC to facilitate text based negotiations for the purpose of reaching an agreement on an international instrument that would provide effective and balances protection to GRs, Traditional Knowledge (TK) and Traditional Cultural Expressions (TCE), recent attempts to gain monopoly rights over inventions developed from misappropriating GRs and associated traditional knowledge (ATK) sheds light on the rampant misuse of the IP regime and the imminent need for the international community to address it. The objective of the paper is to provide fresh evidence that would facilitate the dialogue