Your second and third paragraphs appear to be in conflict re bio-tech unless "faster moving" doesn't trump any negative side effects of removing patents. Can you elaborate?

I can see the argument for patents in areas like biotech where there's a huge up front cost in development and testing. But if the cost is really all in testing, then I think patents should be removed.

Additionally, I think patents should be much shorter since I believe returns/earnings on monopoly power today can be much greater than it was back when the patent duration was established.