a)All around the world right now, there are many pharmaceutical and biotech companies striving to invent a vaccine for COVID-19. Patents and other intellectual property rights are one possible way to incentivise innovation among private entrepreneurs.

What are the downsides to offering patents and intellectual property rights when we are hoping to find a vaccine for COVID-19? What do these downsides imply about the potential role for government in this innovation process?

b)What are some inequality and diversity issues that policymakers need to keep in mind when thinking about the role of innovation in the economy?