Other rich countries have price controls. If the US had the same price controls, all else equal, the economics of pharmaceutical research would fall apart. Whether that would be bad or good is certainly up for debate, but my personal view is that it would be bad.

But it wouldn't be necessary to leave all else equal, if we introduced the same kind of price controls. The idea I think seems interesting is to do more research funding via large public prizes, rather than primarily grants and profits. Unfortunately it sounds pretty untenable, politically, to me, to set these prizes high enough to encourage a similar amount of research as the profit motive does. It's hard for me to envision a like $3B prize for "create a really good weight loss drug" having been politically feasible, for instance.