The implications of Diamond v. Chakrabarty decision are reflected in different sectors where application of biotechnology has only lent a helping hand to the process of advancement. Life forms have been the object of the ‘Midas touch’ of science, which has indeed facilitated transformations as precious as gold. Protection of such unique and new inventions becomes inevitable and the same is ensured by granting of Patents. Biotechnological inventions utilizing life forms as subject matter have changed the global patent scenario with the continuous dilemma of boon or bane. Gene patenting is one such relatively new phenomena which has shown potential in various forms and sectors. Scientists world over have confirmed their faith in gene related inventions & therapies, which makes the critics resort only to moral & ethical objections against the same. Adhering to Bentham’s theory of Utilitarianism which seeks to give precedence to the needs and positive effects on the society, the game should end in boon over bane. In light of the growing importance and dependence on gene based inventions, this paper seeks to analyze the concept, legality and the moral dilemma with regard to gene patenting in India, a developing country having tremendous scope for the application of gene based technologies, China, a developed country having a stringent and well defined legislation for regulating patents and draw a comparison of the above stated Asian countries with the U.S., which not only has a well-defined patent legislation but also a clearly laid down law for gene patenting.