On Our Patent Laws
Posted on August 24, 2016
Any patent becomes a social disaster as soon as it is granted. The hope of receiving a patent is a spur to innovation, but once received the actual patent is a legally enforced monopoly entitling the owner to stifle direct competition and charge the maximum price the market will bear.
We see this at its most extreme in medical technology, where American law encourages unscrupulous businesspeople to impose “your money or your life” extortion on susceptible populations. For those lucky individuals fully covered by health insurance, payments for life ransom get shared across the policy holders. For others it is bankruptcy or death.
Our entire system of intellectual property rights needs to be revisited, and medical patents are the best place to start.