Ignoring our traditional knowledge, can we prove costly in the area of biological patenting? Justify.
Traditional knowledge accumulates over thousands of generations. It carries the knowledge of cost-effective ways to tackle many problems related to human life. A patent is granted to a new product or service, which is based on an entirely novel or new concept. Once an organization or an individual obtains a patent for a particular product or service, it gets the sole right to reap commercial benefits from that product or service. In most of the cases, the patent holder tends to overexploit the market during the patent period. If we used traditional knowledge instead, it would help us in saving a lot of money. This shows that ignoring our traditional knowledge can prove costly in the area of biological patenting. In 1995, two researchers from the University of Mississippi were granted a U.S. patent for the use of turmeric as an anti-inflammatory agent in wound healing. However, turmeric has been used in India for thousands of years for medicinal purposes. The patent was challenged by India and revoked in 1997, as it was deemed based on prior traditional knowledge. In the 1990s, the U.S. Department of Agriculture (USDA) and the multinational corporation W.R. Grace & Co. obtained a patent for the antimicrobial properties of neem, a plant that had been utilized by Indian farmers for centuries in traditional medicine and pest management. The Indian government challenged the patent, which was eventually revoked in 2005, acknowledging the traditional use of neem and the necessity for fair compensation to local communities.