The ABLE webinar on the "New Biological Diversity Rules, 2024" provided valuable insights from a distinguished panel including Ravi Bhola, Managing Partner at K&S; Dr. Malathi Lakshmikumaran, Executive Director & Practice Head at Lakshmikumaran & Sridharan Attorneys and Dr. Suhas Nimbalkar, Founding Partner & Consultant at Eitimo Ventures to analyze the recent amendments and their implications for the biotechnology sector.

The Biological Diversity Act has undergone significant amendments after years of advocacy, impacting various stakeholders and necessitating compliance changes within organizations. This webinar aims to clarify these new regulations and their implications for the industry.

Key topics included the distinction between Indian and foreign companies, new patenting requirements, and the regulations around accessing biological resources. Experts emphasized clarity on approvals for commercial and research utilization of bio-resources. Significant changes in the patent process were discussed, particularly concerning compliance for foreign entities. While Indian companies now face fewer hurdles in securing patents, strict documentation and approvals are necessary to align with biodiversity laws. The panel explored the influence of global agreements like the Nagoya Protocol on biodiversity governance, underscoring the need for researchers to comply with international and national legal frameworks. Specific exemptions for agricultural byproducts and cultivated medicinal plants were discussed, with experts highlighting inconsistencies that require clarification to avoid legal conflicts.

The experts emphasized the need for compliance with the evolving legal framework and clarified the complexities of research, commercialization, and intellectual property rights.