Explanation:

Bioprospecting is the process of discovery and commercialization of new products based on biological resources. Despite indigenous knowledge being intuitively helpful, bioprospecting has only recently begun to incorporate such knowledge in focusing screening efforts for bioactive compounds.
Biopiracy is the term used to refer to the use of bio-resources by multinational companies and other organizations without proper authorization from the countries and people concerned without compensatory payment.
Biomining is a technique of extracting metals from ores and other solid materials typically using prokaryotes or fungi. These organisms secrete different organic compounds that chelate metals from the environment and bring it back to the cell where they are typically used to coordinate electrons.
Do you know?
The people of India in a variety of ways have used neem, since time immemorial. Indians have shared the knowledge of the properties of the neem with the entire world. Pirating this knowledge, the USDA and an American MNC W.R. Grace in the early 90s sought a patent (No. 0426257 B) from the European Patent Office (EPO) on the “method for controlling on plants by the aid of hydrophobic extracted neem oil.” The patenting of the fungicidal properties of Neem was an example of biopiracy.
Think

• Biopiracy policy in India.