No. A patent does not give its owner the unfettered right to make or sell the patented invention without recourse to other patent holders. In other words, one may obtain a patent on a product yet still infringe an earlier patent with claims that broadly read on the product. For example, if patent X claims elements A, B and C, someone may be able to later obtain patent Y claiming A, B, C and D. However, making a product with elements A, B, C, and D still infringes the claims of the patent X (because the product includes A, B, and C).