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The idea that scientific innovation requires the profit motive is detached from reality. Pharma capitalism is totally reliant on the basic research done by academics in universities, funded by the state and charities.
BUT @francesweetman has some points about the pharma companies' need for exclusive rights if they want to maintain both R&D and profit (though they could be squeezed further than presently). But the obvious problem here is profit. Corbyn's proposals *don't go far enough*.
Beyond setting up a generics manufacturer to participate in the market, we need to take big pharma itself into democratic ownership. Integrate it w our university research sector and the NHS. Give direction of R&D to scientists, health workers & patients, not shareholders.
Once pharma R&D is publicly owned and publicly funded, then we can break open the patent offices without worrying that new advances will dry up.
Making that knowledge the common property of humanity would allow people around the whole to put it to work. Freeing up scientists from the constraints of shareholder priorities and corporate secrecy could unleash an incredible torrent of innovation.
Capitalism is a terrible structure in which to do science. Profit requires short-termist direction, sure bets and the jealous guarding of intellectual property. Science thrives on open sharing, collaboration, and freedom to explore and fail.
tl;dr 
Prime example via @Sabonauter:
