Using biological resources by multinational companies and other organizations without systematic approval and compensation payment from any nation or its related persons is called bioethics or biopiracy. Many industrialized nations are economically very prosperous but lack biodiversity and traditional knowledge. On the contrary, developed and underdeveloped countries are rich in traditional knowledge related to biodiversity and biological resources. From such countries, economically strong nations commit acts of bio-immorality or exploitation. For this reason, there is a growing feeling of injustice, inadequate compensation and sharing of benefits among developed and developing nations.