If there are no patents involved, ABC and XYZ could both manufacture the vaccine and still make plenty of money. I don’t really see the problem with that outcome. More people live to see another day because competition restrains the price of the vaccine.
But in your world, people only invent if they have exclusive rights to the fruits of their inventions when the facts of history prove that there are no lone inventors. Quite often, they are working on the shoulders of others, and somewhat less often, inventions are produced simultaneously, though independently. Suggested reading: Against Intellectual Monopoly.
The hypocrisy that I have observed and which I speak of is that conservatives claim that they are in favor of a free market when in fact, they desire a market tilted towards their primary constituency, the donor class. In all matters, the donor class will be heard first. Even Trump admitted this in at least one of his interviews. He should know, he’s a billionaire.
I say to conservatives, Democrats and Republicans alike, “It is dishonest to claim to be in favor of a free-market when you are not.” It is honest to point out their deceit. How can an advocate of the free market honestly support patents?