> Obviously this means a bunch of drug companies went out of business or stopped producing insulin

If they invested the money they've earned by selling insulin at very high margins for many years into research (as drug companies usually claim), then they should be fine.

If their business model depended solely on selling a single product and enjoying the margins, then it's good for the society. Someone else can produce it.

The price cap just brings down the price to the same amount other countries pay. It's perfectly profitable for the pharmaceutical company to sell at that price. The ones who will suffer are all the middlemen between the end user and the pharmaceutical company.

Who would have thought that having a single entity(not focused on profit) negotiating prices for pharmaceutical products would benefit consumers. Well, except every single country with universal healthcare.

8.5 million Americans need insulin. Why doesn't our government just fund and produce it for the people?