**10. Conclusion**

Perhaps the most fundamental prerequisite for all social, economic and cultural advancement is the encouragement of intellectual creation. All branches and forms of intellectual property are therefore important, whether copyright, trademarks, industrial designs, patents or unfair competition, for the protection of traditional cultural expressions. This chapter explored briefly about the intellectual property rights with special emphasis on protection of traditional knowledge. It also discussed the overview about the concepts like biopiracy and bioprospecting. India is one of the world's most biologically and culturally diverse countries. The intellectual property law regime has seen rapid change in the last decade or so. India, a hub of TK and unique endowment has considerable unexplored potential for developing, promoting and utilizing traditional knowledge. Bioprospecting encompasses the search for the commercial potential of medicinal natural products. Consequently, it is important to deal with issues of biopiracy at the global scale. Hoping that the existing international mechanisms and national level legislations will be effective at reducing the prevalence of Biopiracy. It is the responsibilities of governments and various NGOs and corporates and the communities to nurture all forms of innovations under traditional knowledge for the benefit of mankind under the frameworks of intellectual property rights.
