Jack Dorsey, co-founder of Twitter (now X) and Square (now Block), sparked a weekend’s worth of debate around intellectual property, patents, and copyright, with a characteristically terse post declaring, “delete all IP law.”
X’s current owner Elon Musk quickly replied, “I agree.”
All evidence points to the opposite of your conclusion.
In places where IP laws are weak or non-existent, very little fundamental or expensive research is done by companies - because the result is immediately cloned by 100 competitors. In medicine, companies will not research and develop new drugs to market unless they can get a return on the investment. Even in places with strong IP laws, development of drugs that can’t produce a return in the limited monopoly window is simply not done (eg with a small number of patients or when 1 course of a drug will permanently cure the patient), so many diseases do not have treatments.
In countries where there is strong IP laws, innovation jumps because innovating creates new things that people/companies can sell for profit. A personal area of interest is development of small-arms - every single advance from muskets to modern weapons is documented in patents in the US and Europe; the rate of innovation in the 19th and 20th centuries was incredible - and that is via patents and profit in the free market.
Now, we can have a productive argument about state sponsored research - but unless the state undertakes all research in an economy (which would be staggering overreach), we need IP laws.
We can also discuss patents on software (which IMHO are not needed because companies do fundamental research without patent laws like in the UK).
We can also discuss what is the appropriate time that copyright should remain - the Disney law in the US is a ridiculous overreach. It was 25 years or until the death of the author/artist - that worked very well for centuries.