Discuss the role of biodiversity prospecting and Indigenous Knowledge Systems for conservation and management of biodiversity? 

Biodiversity prospecting (BP) is the systematic search forbiochemical and genetic information in natural sources that can be developed into commercially-valuable products for pharmaceutical, agricultural, and other applications. Since most of the world's biological wealth is in developing countries and most of the financial and technological wealth is in developed countries, an ideal bioprospecting relationship would be characterized by an equitable sharing of benefits between the supplier of natural sources and the purchaser. These relationships are outlined in bioprospecting agreements. The economic value of biodiversity is reflected in payments to the source country for the collection of samples and, usually, profit-sharing agreements for royalties, should a commercially-viable product be developed. The principle of compensation to the source country for bioprospecting was affirmed by the 1992 Convention on Biological Diversity's recognition of national ______ __________ ____ ________ ________ ____ ____ ____.
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