Let's say this product could have saved 100,000 lives. Now it won't, because no one can work on it, and we're not planning on developing it. This is contrary to journal publishing. We can steal, build-upon, and refocus from one another, but ultimately, nothing useful happens with the data...just like with some of these patents (by the way, my legal department says this isn't patent trolling, even though I think it is). So which is worse?
I'd say patents for a few reasons. First, in publications, nothing's happening with it (the time spent on my medical device patents will save more lives in a year than all my publications combined for the rest of the timespan of humankind), but at least you're letting anyone use it, including a company if they want to. A patent is locking up the idea. Second, patents don't contribute anything. They only take away. Patents are often written as broad as possible and very little engineering and science go into them. So no one can learn too much from them. This is on contrast to most manuscripts, where they are filled with all sorts of intellectual awesomeness that other researchers can build on. In addition, most of the claims are substantiated by data. So someone else could potentially take the broad idea to market and save lives, but they can't without paying crazy license fees for a patent the issued company isn't using. Patents have data, but it's not as scrutinized as most academic papers. The change that the USPTO has made where you don't have to prove due-diligence and the patent is awarded to first-to-file is only going to make things worse (I can explain more on the patent cycle and medical device IP if any of you want to read a post on it).
Ultimately, I despise locking up an idea that could save lives if we don't intend on utilizing it. It's a defensive move that only helps shareholders. We could use these defensive patents as offensive weapons against the competition and the diseases. But ultimately, they sit back with their pitch and arrows just preventing anyone else from reaching good.