Or just don't have IP at all. It's entirely a waste of resources. What, you won't work on a cure for cancer because you can't rent-seek discovery? No, of course not. The marginal profit is sufficient. The entire system is unnecessary and serves no public utility. It just facilitates a new form of rent on knowledge. It's as bad as the idea of privatizing land rents.

Patents were invented for a good reason. They prevent important inventions from dying as trade secrets, and being lost to the society.

A patent requires a clear explanation of an invention, in exchange for a limited time of monopoly on its use. After that, the invention enters public domain.

Before patents. important inventions would stay tightly guarded secrets, because once the invention leaks, there's no recourse, every competitor can freely use it, and put you out of business. Hence the inventions were lost forever (at best, need to be reinvented from scratch) if the original inventor went out of business somehow without sharing the secret.

Patents are a boon for everyone as long as the detrimental effects from the monopoly don't outweigh the beneficial effects of sharing knowledge and general ease of business operation without thick shrouds of secrecy. That is, as long as the time of protection is set right.