Colombia is one of the most biodiverse countries in the world and consequently has sought to employ genetic resources to further both its economic development and technological and scientific advancement. Colombia’s implementation of the international regime on access to genetic resources and benefit sharing responds to the interests of the country in employing genetic resources for health research and also for the health industry. However, the relevant Colombian law leaves aside practices and knowledge that emanate from local, indigenous, and Afro-Colombian communities in adding value to biodiversity. Through an interdisciplinary analysis, this thesis adds a novel country case study to existing international socio-legal literature on the International Regime on Access to Genetic Resources and Benefit Sharing, showing its deficiencies when considered at national and local levels. Further, drawing on a Capability Approach, the thesis aims to suggest an alternative approach for Colombia, making the normative claim that such an approach would create a more inclusive model of innovation in the use of biodiversity.