Worth mentioning that the evidence says that patents don't have an effect on new drug creation/inventions. Evidence is collected here http://www.dklevine.com/general/intellectual/againstfinal.ht..., pretty neat to know that Italy/Switzerland had a patentless pharma industry until quite recently.
Having said that, I think you're right that under this system, research/capital definitely gets directed in a different way.
Having said that, I think you're right that under this system, research/capital definitely gets directed in a different way.