On drug companies, assuming they invest their retained earnings in something that maintains their return yes. (I actually don't agreee with patents by I prefer the most efficient to be most successful not most innovative but I don't think that was your point)

Monetizing water would be a great innovation. Today cheap water goes to all sorts of luxury crops because the price is incorrect. If price is set too low you have shortages. If price was correct to achieve a fair market return on water rights you would have technology like desalination stimulated and conservation. Stimulated to respond to high prices. Luxury water using crops that use most of society water would be more expensive or would be grown in wetter areas. This would be great for society.

Air rights don't make as much sense because they are not scarce.