COMMERCIALISATION OF TRADITIONAL MEDICAL KNOWLEDGE: BALANCING INTELLECTUAL PROPERTY PROTECTION AND CORPORATE RESPONSIBILITY

Traditional Medical Knowledge (TMK) emerges as a critical concept, denoting the extensive collective experience, practices, and medical practices that have been developed by local communities and indigenous populations to prevent and treat various diseases. However, the increasing commercialisation of herbal medicine, pharmaceuticals, and biotechnology has resulted in the creation of considerable economic value. As a consequence, TMK faces the danger of being misappropriated and bio pirated. This article seeks to discuss the challenges of appropriate commercialisation of traditional medical knowledge. The article will delve into the details of patentability, ownership, and the lack of mechanisms that can offer sufficient protection to the TMK. Additionally, the article will highlight the role of corporations and social responsibility as ethical and legal factors. The article will conclude by asserting the importance of a balanced approach to the issue, outlining the benefits of appropriate commercialisation, and offering recommendations on how to address the issue.