The concept of Biopiracy imperils the predicament of the communities who are the legitimate holders of the resources. The principal issue in such matters is that the benefit sharing is almost always either a hollow promise or not observed at all. Marine genetic resources are at all times being scouted for by the researchers from all over the world. Keeping this in mind the international community has put various laws in place to prevent the menace of Biopiracy. In this article, I will closely examine the interplay between the Convention on Biodiversity (Nagoya Protocol), TRIPS, Universal Convention on the Law of Sea (UNCLOS) concerning Marine Genetic Resources, with focus on the high seas. This aims to critically study the legal conflicts in the present law and proposes to offer a possible short-term solution within the present framework of the law. In the course of the study, I have also attempted to peruse the draft high seas treaty under negotiation at the United Nations and offer a conclusion of curbing hopes that tend to soar a little too high.