Unless it takes real skill, real knowledge to create the workforce and tooling necessary to produce such a thing. With no IP protection I'm pretty sure that good old-fashioned corporate secrecy would still be quite profitable.

If in the case of medicines, instead of having carte-blanche to milk obscene profits for a long time, corpos were just limited to making decent money for a short while....that would probably work out in humanity's interest. Part of the reason medicine is so expensive in the West IMO, is the expense that's been mandated by the insane regulatory capture in the pharma industry.

The 'why' does not matter, real property rights should not be given up for the sake of completely speculative societal gain. Besides, the incentive to create medicine will always existed as long as people get sick, independent of whether you can exercise monopoly, it's not like Ibn Sina's medical manuals came about thanks to any notion of copyright, the dude was literally just rich and bored enough to do it.

It is logical, just not by a profit seeking enterprise expecting the same sort of returns that current pharma do.

I imagine R&D and medicines would be funded by organisations founded by Government, Teaching hospitals, Drug producing companies coming together to share the costs. Would be great to avoid wasted effort as well.

The Large Hadron Collider was completed, and yet isn't producing much profit.

Illogical for the private sector. Publicly funded research is probably more effective anyway though.