Patent System Pros And Cons

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Patenting has been improved for decades and there now exist many patents pertaining to technology and science. The issue of whether patenting inventions in these areas brings more benefits or drawbacks for society is a debated problem. Some people believe that patent system is beneficial for economic development and protection of inventions. However, others opine that some patents deter the research process and not actually profit the whole society. In this essay, both sides of views will be discussed and supportive evidences will be provided.

First and foremost, one benefit of patent system is that it encourages economic growth. According to ALRC (2004, pp.57-8), once a scientific or technological invention is granted patent, the inventor can easily gather funds from investment corporations. Since it declares that the possible commercial interests can be gained from the patents’ applications will draw investors’ attention. Furthermore, as University of Tasmania (n.d., p.16) states that there is around 40 to 50 percent revenue for a patent. For instance, after coming into the market, one specific type of patented medicine achieved a sale of more …show more content…
Plumer (2012, paras. 2-5) reveals that the essence of patents is the monopolised power which allows patent holders to use and improve their creations, whereas it excludes other competitors from the market at the same time. Hence, the author indicates the speed of innovations is decelerated with this single inventor. Besides, as stated by University of Tasmania (n.d., p. 16), the limitation set by patents among technological innovations also slows down research and development practices. For example, it mentions that in biological technology, some patents regarding to genes influence the development of research in a negative

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