Patent Expires, Innovation Flourishes

Patent Baristas reports on the expiration of the PCR (polymerase chain reaction) Patent, an event which is projected to spur growth and lead to new technologies in the field, as well as benefit academic research (which leads to between 55%-90% of all basic drug development).

This is an oftentold story: a patent monopoly ends, innovation flourishes. It happened with the steam engine. It happened with the RSA encryption patent. It happened with the aeronautics industry. What better evidence is there that in general, patents slow down progress and innovation, instead of promoting it?