Description:The increasing availability of new scientific and technological tools have enabled new levels of precision and effectiveness in the identification, collection, processing and utilization of novel substances for applications in medical, agricultural or industrial applications. The present report provides an introductory overview of biodiversity prospecting in terms of the principles and practices which have defined it both historically and currently. Discussion is offered regarding the stakeholders and the issues involved in the formulation of national policy, particularly with regard to the implementation of provisions of the Convention on Biological Diversity. These include issues of access and benefit sharing, recognition of indigenous knowledge, prior informed consent, intellectual property protection and others.