Compare bioprospecting and biopiracy. What are some of the ethical concerns that should be considered in bioprospecting (and biopiracy)?

Bioprospecting can be described as a term used for the search of valuable biodiversity out of which valuable compounds can be made.

Biopiracy can be described as a term which is used for the exploitation of biological material from plants or animals while failing to compensate for it.

The ethical concerns of this bioprospecting is that we shall look into consideration that we do not exploit the Earth from the plants and animals species which are beneficial to us. The research practices done on these plants and animals may eradicate the wild type varieties of them.