Bioprospecting, or the search for useful biochemical compounds and genes in nature, has been the focus of international negotiations for more than a decade, yet the debate on the terms for access to genetic resources, traditional Knowledge and benefit to sharing is far from settled. This book examines the optimal property rights structures and institutional mechanisms for regulating bioprospecting for drug research. Focusing on the economics of contracts, it shows that the rights exchanged are complementary at each stage of drug discovery and the development of genetic resources.