Why is protection of traditional knowledge necessary?

(N/A) 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,and without compensatory payment.
Most industrialized nations are financially rich but poor in biodiversity and traditional knowledge.
In contrast,the developing and underdeveloped world is rich in biodiversity and traditional knowledge related to bio-resources.
Traditional knowledge related to bio-resources can be exploited to develop modern applications.
$\Rightarrow$ It can also be used to save time,effort,and expenditure during their commercialization.
There has been a growing realization of the injustice,inadequate compensation,and lack of benefit-sharing between developed and developing countries.
Therefore,some nations are developing laws to prevent such unauthorized exploitation of their bio-resources and traditional knowledge.
The Indian Parliament has recently cleared the second amendment of the Indian Patents Bill,which takes such issues into consideration,including patent terms,emergency provisions,and research and development initiatives.