Patents are, in the words of @lapcat: anti-competition, anti-free market, anti-consumer. First to market is already a huge competitive advantage.
Patents are a huge part of the reason you're paying so much for health insurance right now. They play a large role in stifling innovation. Imagine you have a great idea that hasn't been done before, but you suddenly discover parts of it have been patented. The patenter isn't doing shit with the idea, yet they have a 20-year monopoly on it.
Oh, and they also happen to be a huge monolithic organization with thousands of employees worldwide that is patenting thousands of ideas every year, yet actually implementing only a small fraction of those ideas.
Don't think this happens? You don't know much about patents then. The patent system is one of the best examples of an idea backfiring on itself that I know of. It was supposed to protect the guy toiling in his garage on the next best thing (read: Apple in its infancy), but today it's doing the exact opposite while screwing consumers over to boot.