Patents are a type of intellectual Property. Intellectual Property is the creation of the mind via inventions, literary and artistic work, and symbols/name/images use in commerce. There are two types of intellectual property: Industrial Property and Copy Right. Copy Right covers literacy works, films, music, artistic works, and architectural design. Whereas Industrial Property covers invention, trademarks, industrial design, and geographical indications with what we call patents. A patent is a right granted by the government to inventors in others to keep others from legally using, creating, selling the inventions of the inventor that has been patented. With a patent, for approximately 20 years, an inventor gets full control over who can use his or her invention.
The idea of a patent seems to be ethical to me. I find that the gratification of patents to inventors by the government to be a moral decision. It is a right that protects an individual’s property even though it may not be physical yet. Many individuals work very hard and dedicate the majority of their lives towards the innovation of a new product. Giving those individuals the protection against others who would use their invention without their permission and benefitted from it seems like the right thing to do. I find that the inventors deserved at least some sort of say as to the fate of their inventions. As moral as I find the decision to grant inventors patents to be, I also found that it is an awful economic and social decision.
There are good and bad cases for having patents. There are some markets that indeed benefit from patent and others not so much. Let us look at some cases for patents. The most important of all is the fact that it helps developers, designers, and or innovators protect their ideas. Patents also create an incentive for people to create a new idea. If an idea is already patented, innovators are forced or challenged to come up with something new. Although no one can use the idea behind the patented products for 20 years, it can also lead to creativity where inventors are forced to make some creative decisions that allows a product that has already been patented to go into the market. Sometime some of those creativity have a positive influence in the product. In some markets such as the pharmaceuticals and nuclear weapons, having patents are a blessing. Pharmaceutical companies would not exist today without patents. The drug development process is far too expensive and time consuming. Most CEO as much as we do not want to admit regardless of the market they operate in care mostly about maximizing profit. Imagine being the CEO of a pharmaceutical company in a world without patent. Would you spend all of that time and money on developing a new drug at the risk of your competitors stealing it and make it profit of your discovery or would you wait for your competitors to develop the new drug and then steal their ideas. I reckoned most CEO would wait. The wait and see type of strategy exist today in numerous market and we already have patents. As a result of this, the development of drugs in the pharmaceutical market would be extremely slow. The issue is that no one would want to fund the drug development process, so the government would have to be involve a lot more. Let us look at in the case of nuclear weapon. I hoped there are patents, I hope there are 10000000 years patents for nuclear weapons. I do not want anybody having the ability to create such weapons. It would be to my personal liking if the innovation of nuclear weapons or the market just stop. Anyhow, patents do have some positive effect in our world, but the point remain that they damage economic development. Too many patents restrict the development of most markets by significantly slowing down innovation.
In my opinion, I believe that patent should be granted to a select few markets, especially markets that involves nothing but destructive products. Overall, they are not beneficial to society, but I think in some cases they are necessary. They do indeed hinder innovation, but they also protect inventors’ property rights. In addition, I do not believe that patent should be restricted to only tangible objects. I would make the same argument for software as I have made above. Patent should be granted to the select few software markets that involve destructive software. I understand the flaws in this argument. Some might argue that would it not be better for allowing others access to these destructive products thus allowing for a higher possibility of a developing a counter product. Perhaps that might be true, but I find my self leaning with the argument that hinder the innovation of destructive products.
The existence of patent trolls is neither evidence that the patent system is working nor evidence that it is broken. For the most part, the patent system has been successful at doing what it was meant to do, protect the property or inventions of inventors from others. The hindrance of innovation and the existence of patent trolls are nothing but an unforeseen side effect of the system. Humans have the ability to make the most out of anything. They take advantage of everything, each other, the environment, and frequently any type of system that is created. That is how we have advance so far and this is no different from many others. I do not fully support the patent system simply because it slows down innovation in some products that could greatly improve and benefited human progress, however, I do not believe we should get rid of it completely for there are some markets that benefits from it.