Intellectual property rights should serve the needs of society. Intellectual property rights can help spur innovation, but not if they are excessive. Excessive rights often prevent innovation, since many inventors don't bother to develop or to lease their invention. In other cases they may but they charge such a steep price as to slow down innovation.
A person holding a patent or copyright should be required to develop it themselves or lease it. Otherwise the courts should be allowed to order a "compulsory license" at fair market value. Even if they are developing it or leasing it in some respects if someone has a proposal to innovate upon it that the IP holder refuses to license and the innovation is determined to be significant enough then the court should be allowed to order a "compulsory license" in that case as well.
No, the pharmaceutical patenting system should not be liberalized, because the current system is working for both drug companies and consumers. The vast majority of new drugs are developed in the United States. Currently the economic incentives in place are effective to make Americans produce new drugs. The United States should not change anything because it is currently working.
The pharmaceutical industry is already full of enough abuse as it is. Liberalizing the drug patent laws, especially on an international level, would just make things worse. Drug patents are what allow the pharmaceutical industry to monopolize medicine, and it's just plain ridiculous. People should not have to worry about whether they can afford to be healthy or not, and that's all liberalizing the laws will do. Pharmaceutical companies will patent anything they think can help a person stay healthy, and then jack up the prices. It will only cause more pain and headaches for people and that's just not right.