We should not allow patenting of genomes/genes. Full stop. We should rely on those other systems of breeder's rights.
The insistence on IP law being the only probable, legitimate incentive is what's spurious.
A lot of this shit just happens by accident. LSD, Viagra, Penicillin off the top of my head. All had huge impacts too.
It's everything post, and a bunch of overpaid jackoffs and hullabaloo. You're not going to take an RC with an open license to market because there's a billion dollars in intermediary steps between finding it and proving it's safe and effective.
I don't think it's fair to call it economics when all the costs are derived from legal fictions and stakeholder disinterest.
Snake oil, anyone?
As to working the baseline efficacy benchmark is 30%. Not really a stunning number considering it has already been selected as a remedy for something specific at that point. Curatives aren't marketable when profit motive of stakeholders is involved.
Big pharma peddles snake oil, too, by the way. Serotonin theory is becoming increasingly unpopular and SSRIs are looking increasingly dangerous as a clinical proposition, and they're frequently misused in clinical settings. Despite all of that they're taken by 13% of Americans, and the trend points towards an increasing number. Lest we forget: the pretension of safety Pharma acts under has been dangerous in many instances.
There's plenty of ethnogenic compounds that smack against your theory, too, by the way. In any case, to my knowledge, most of these "drugs" are derivative from known-active compounds, altered then patented (sometimes finding better therapeutic doses, lower toxicity, better dose response). At this point the laborious search is relatively smaller. Not to mention it's currently being offset to molecular dynamics which allows us to engineer hypothetical molecules against simulated proteins including those that are dysfunctional as well as model pathways for synthesis.
AZ Molecular Dynamics: https://m.youtube.com/watch?v=yNGS_mv1-94
If you have a different idea for solving this particular financial problem, I expect quite a lot of people would love to hear about it.