Simply put, there is no law against it. However, it is quite frustrating as a scientist. Having a patent on a gene can mean that you cannot do any research on it without approval of the person who owns the patent. A company could patent a gene so they can ensure they are the only supplier, which can also make research more expensive.
Usually genes are patented by the person who discovers that they are the root cause of a disease. This ensures that they make the money or maybe even the future research on this particular disease. It does seem like it should not be allowed, at least not for human genes, to allow patenting and subsequent limitations on what research can be done.
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