Explanation:

Bio-prospecting can be defined as the systematic search for and development of new sources of chemical compounds, genes, micro- organisms, macro-organisms, and other valuable products from nature. It entails the search for economically valuable genetic and biochemical resources from nature. So, in brief, bioprospecting means looking for ways to commercialize biodiversity. Lately, exploration and research on indigenous knowledge related to the utilization and management of biological resources has also been included into the concept of bio- prospecting. Thus, bio-prospecting touches upon the conservation and sustainable use of biological resources and the rights of local and indigenous communities.