Do patents lead to efficient outcomes for the society? What role do they play with regards to innovation?

Aviral Singh

Abstract


In this journal, the role of patents with regards to innovation and efficiency will be discussed. This journal will present a case in favour of granting patents and will attempt to dismiss the notion that patents harm innovation. The basic premise of this journal is that innovation is driven by individuals pursuing their own self-interest and hence, we need patents to ensure more resources are diverted towards research and development. We will look at the EU renewable energy sector in order to analyze the advantages of patents. While examining the pharmaceutical industry, the journal will provide arguments for why patents are essential for the development of new drugs and why inefficiencies in the industry are due to FDA policy, not patents. The journal will then address some of the flaws associated with patents and how they can be corrected in order to yield the greatest possible benefits and fully utilize them.



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