Biotechnologists have become genetic bioprospectors
, isolating genetic material and inserting it into plants and animals to generate patentable subject matter.
Those parts of the genetic information that turn out to be valuable (that have ex post value) will generally end up as public information controlled by the bioprospector
(through the patent system, for example).
The wealth of bioresources in Taiwan has, of course, drawn the attention of bioprospectors.
For example, to some extent, the Philippine law that adopts an extremely complicated and multi-layered consent process has hindered the attempts of foreign bioprospectors to seek GR access there.
The disappointing conclusion to the process for foreign bioprospectors was actually a result of the lack of PIC regulations.
He sees bioprospecting as a win-win situation for bioprospectors, public health, and source countries when treaties are equitable.
By one measure at least, the CBD has seen success in its first decade: most nations now expect bioprospectors to enter into benefit-sharing agreements before delving into a country's natural products.
Indigenous communities in biodiverse regions are often enlisted by bioprospectors as local collaborators, with expectations that their people and knowledge will play particular roles for the bioprospecting endeavor.
Bioprospectors generally recognize that, before 1992, there were problems such as not sharing the benefits derived from biological resources with source countries and overharvesting developing countries' biological resources.
The bioprospecting project in Chiapas, Mexico, for example, illustrates the disparate viewpoints between bioprospectors and local indigenous groups on the equitability of bioprospecting.
rely heavily on local medicinal knowledge.
Because of the high odds against striking it rich, it often makes economic sense for bioprospectors
to hedge their bets by seeking advance payments and relatively small royalties rather than foregoing collecting fees and holding out for higher royalties that may never materialize.