Up to a point. I would argue current copyright and patent laws are probably too generous, leading to a situation where copyrighted things take too long to enter the public domain, and where patent holders have an incentive to buy up anyone who might make a competing generic.

But IP definitely incentivizes innovation. There’s no question about that. We may have taken IP protections too far, but they need to exist in order for scientists and artists to earn a living enriching our lives.