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The US produces a disproportionate amount of new drugs, other countries mostly create cheaper and easier to make follow on drugs. Get rid of the profit motive and new drug creation grinds to a halt.
https://qph.fs.quoracdn.net/main-qimg-7fa1b6167f99405f82524d...
This says Western Europe alone is responsible for 22% of pharma revenue, as opposed to 33% from all of the United States: https://www.statista.com/statistics/784420/share-of-worldwid...