It'll affect it, but it won't stop it. This is a good question to bring up though.
I design medical devices. IP is incredibly important in this process to protect our R&D investment in the current system. If IP didn't exist, we'd protect that through other means like obfuscation of function.
Also if IP didn't exist, I could design devices that are so much better at healing people. So much of what I do is restricted because someone else has 30 years left on what they patented.
R&D is expensive. Just because you see what someone else did, doesn't mean you can easily replicate it.
In short: if your goal is pure profit, yeah removing IP probably hurts this a little. If your goal is producing the best product, then get rid of it.
I think the best solution would be a much shorter exclusionary period for patents.
Yar har fiddly dee