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The legend is that patents are a just reward for new inventions. The reality is that they are government grants of monopoly privilege for industrial interests. What began as a royal privilege left over from feudal times mutated into a right of anyone to deploy the power of the state to block competitors and thus exercise monopoly pricing power based on a statutorily determined amount of time.
For centuries, patents have been debated as to their social and economic merit. That they inhibit competition is beyond dispute. Not even those who reverse engineer a product have the right to produce and sell the results. The only question is whether such interventions are truly necessary to incentivize innovation.
In the case of pharmaceuticals, the justification is a bit different. It has surrounded the supposed need to cover the high costs of research and regulatory compliance. Industries need compensation lest their entire industry becomes unprofitable and we all suffer a lack of medical advances.
None of this pertains in the case of the Covid shots. Moderna received fast-track regulatory approval and $10 billion in tax subsidies for its mRNA innovation. Even then, it claimed the right to demand exclusive rights to its formulas. During […]
Read the whole story at brownstone.org
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