The author argues that the quick rate of innovation has made patents, especially for software, obsolete. In particular, he points out that by the time the patent application has been approved (considering the backlog), it has lost its innovative value.
I agree with the author that patents have become functionally obsolete in certain circumstances. With patents taking around 2 years to get, granting patents in areas of rapid technological advances doesn’t really make sense anymore. I don’t think they should do away with patents all together, but they should reevaluate how patents are working in certain areas. In areas that require substantial investment for research, including time and money (like pharmaceuticals), it is necessary to grant patents to protect that investment. However, in rapidly changing industries, the patent system should probably be reevaluated.