So, while such patents wouldn't be bad, the system is still suboptimal (depending on the time needed to search for the similar molecules).
Plus, even if in this particular domain a patent system is better than nothing, it may be difficult to discriminate the domain. For instance, software patents don't apply in Europe. But if you care enough to specify that the whole shenanigan takes place on some sort of processing device, then you can sometimes pretend it is not a software patent. GPS devices for instance are subject to patents, though it is quite obvious that the core of the idea lies in the program, not in the general purpose ARM chip (I don't know about the GPS receiver). But if you turn the GPS device into a general purpose computer that happen to have a GPS program, you may be safe.
I'm not a lawyer, but it looks like any partial ban of patents is bound to be a headache.
Yes, we should do away with the whole patent system. That won't happen, though, so the next best thing to do is to point out the economic costs of allowing people (hence corporations) to own ideas.
The question is, what is a good patent? The way I see it (i) there are too few good patents to outweigh the bad ones, and (ii) it is too difficult to distinguish them at application time. In other words, the patent system just doesn't work, and is basically unfixable. Looks like we should do away with it.