The usual result is that no creative applications of the new technology are legal until both patents run out in 20 years.

Or that a foreign nation that didn't accept the patents becomes the only center of innovation and the nation that paid for it becomes a backwater.

One or both of those happened with steam engines, sewing machines, and aeroplanes. Humanity was not better off.

It was narrowly averted in photography, automobiles, and computer software by governments invalidating the pioneer patents in the field for the benefit of mankind.