I have taken the liberty of reposting Slalom's excellent post on the importance of patents. The quote from the acknowledged experts at building a patent estate, Novo Nordisk says it all. It's why they are a 100 year old company valued at $120bn
"A great article from U.N. agency, World International Patent Organisation - WIPO.
"“Life sciences and biotechnology are widely regarded as one of the most promising frontier technologies for the coming decades."
In the Shoes of Investors “Anyone, I would imagine, who has tried to create a biotech company knows just how important patents are. You learn this when you’re studying, and again at your first job, and if you haven’t done so before, you realize it the first time you meet potential investors.” (Mads Øvlisen, Chairman of the Board of Directors, Novo Nordisk)."