Biopiracy is term used for or refer to the use of bioresources by multinational companies and other organisations without proper authorisation from the countries and people concerned with compensatory payment.

Multinational companies use traditional knowledge related to bioresources for developing modern technologies and applications. They make huge profits from this end that are not often shared with poor countries.

Basmati rice was grown in India for thousands of years and is actually a bioresource of our country. But an American company tried to earn patents from the united states patent and trademark office to sell basmati rice in other countries. They made slight modifications in the rice by crossing the plant with semi-dwarf varieties and claimed the sole ownership of the product. This is an example of biopiracy.

Source: ForumIAS