The global patent system is designed to incentives innovation by granting inventors temporary monopolies to profit from their creations. However, its efficiency, equity, and alignment with public interest are increasingly debated. This paper examines the global patent system through the lenses of efficiency (does it effectively spur innovation?), equity (is it fair across nations and stakeholders?), and the role of international patent treaties like the TRIPS Agreement in shaping outcomes. While the system drives technological progress in some contexts, it often favours wealthy nations and corporations, marginalises developing countries, and restricts access to essential goods like medicines. Reforms are needed to balance innovation incentives with public welfare and global fairness.
