**Abstract**

Patents are the form of IP most often used to seek protection of knowledge related to biological resources. The value of plants as medicinal sources is more widely recognized and the "intellectual property rights" (IPR) associated with their use and protection have been debated around the world. Indeed, being a land of indigenous cultural heritage and traditional knowledge, India is an open treasure box for whole world. IPR provisions under WIPO (World Intellectual Property Organization) and patent rights have attracted the appeal of many researchers, pharmaceutical companies and organizations to explore the potential of traditional knowledge. In this scenario, effective protection and management of Intellectual Property Rights (IPR) is essential, and India is fully committed to this. Similarly IPR and its policy framework equally contribute to development of any nation. This chapter attempts to provide information relevant to national and legal rules and policies regarding Intellectual property rights. Protection of traditional knowledge, Conservation of the rights of local and indigenous peoples to their knowledge and resources are equally important. In this regard, this chapter also discusses the concepts Biopiracy and Bioprospecting. All information is gathered from published articles and legal documents of respective countries and official websites of international organizations as these are the only sources of legal information.

**Keywords:** IPR, biopiracy, bioprospecting, traditional knowledge, patent
