I do agree it is great to have a patient to protect your intellectual property, but this comes at a cost of stifling and restrict innovation.
I disagree. Without the promise of a temporary monopoly on a new technology, companies would not invest so much in R&D to begin with. Patents don't stifle innovation, they cause it.
And remember, it is only a temporary monopoly. Also, companies typicallly don't shut down their competition but merely force them to pay royalties. In effect, anyone that uses it has to pay part of the R&D, which is fair.