This is exactly right. The problem with the "patents foster innovation" argument is that they don't direct the research money into the areas where they're most needed. Then, because patents initiate a race to recoup research costs before the patent expires, a tremendous amount of money that could be going to research for new drugs instead gets poured into marketing.

That last fact is particularly disturbing when you consider that many doctor end up learning most of what they know about new drugs entering the market from the marketing literature sent to them by pharmaceutical companies. That literature is regulated, and in most cases accurate, but it is also biased.