High Quality Content by WIKIPEDIA articles! Bioprospecting is an umbrella term describing the process of discovery and commercialization of new products based in biological resources, typically in less-developed countries. Bioprospecting often draws on indigenous knowledge about uses and characteristics of plants and animals. In this way, bioprospecting includes biopiracy, the exploitative appropriation of indigenous forms of knowledge by commercial actors, as well as the search for previously unknown compounds in organisms that have never been used in traditional medicine.