Traditional knowledge accumulates over thousands of generations. It carries knowledge of cost effective ways to tackle many problems related to human life. Patent is granted to a new product or service which is based on entirely novel concept. Once an organization or an individual obtains a patent for a particular product or service; it gets the sole right to reap commercial benefits from that product or service. In most of the cases, the patent holder tends to overexploit the market during the patent period. If we used traditional knowledge instead, it will help us in saving a lot of money. This shows that ignoring our traditional knowledge can prove costly in the area of biological patenting.