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Patents

Patents. Are they really justified?           

I’ve long been against patents because I feel that they restrict the forward progress of other innovations. An example of this is in the drug industry.  Company A develops a new drug that significantly helps society in some way. Company A has the right to be allowed to patent that drug and make a substantial profit from that drug. Company B comes in and sees new ways that can be used to develop drug future and make the drug more efficient or even cheaper but they can’t until Company a patent term is up. The people suffer here because Company A is charging top dollar for this drug when it is clearly not a finished product and could potentially be cheaper if was sold by Company B.

The article above shows the result of a study between patent on products and the effects and also no patents on a product and its effect. What the studied found out was that patents; even though they are a reward for innovation. Eventually it restricts innovation and can be less profitable.

This is so due to the fact that the person who patents a product spends most of their time and money protecting that product from infringement and while if they had left the product unpatented then it would spark more innovation in the community generating more overall profit.

Maybe I’m thinking in a utilitarian way and wanting the greater good for the greatest amount of people. But in this case it really does seem more beneficial to let products go unpatented seeing that it increases profit and innovation.

I’m not saying that I’m against creators of a product being rewarded for their efforts. I’m just saying patents shouldn’t last that long because it is not beneficial in the long run.

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