No offense, but the ignorance here is a major part of the problem. "Over priced" is a value judgment that usually has no connection to reality. This is a common problem in an advanced society where even smart people don't know enough about areas outside their expertise to make intelligent statements about them.
In this case, our government and media are filled with people who couldn't develop a useful prescription drug if you gave them 50 years and an unlimited budget to do it. And yet that doesn't stop any of them from sitting there and telling us all how much a useful prescription drug that someone else develops should cost.
Spend billions developing new drugs and getting them approved
Then sell them to socialist medical systems around the world at highly discounted prices, and then
Charge all the development costs to the American consumer.
Not only the "government and media" sees a problem here.
You appear to be another one of those that don’t seem to be impacted by the constantly, near daily rising prices of prescription drug prices like so many millions of Americans are. The drug prices charged for Americans and those for those outside of the country for the very same exact drug, say in Canada or Mexico are so drastically lower that it completly undermines your feeble argument here. Give it a rest please.
Actually, that's demonstrably not true.
There is no value judgement on certain medications that have been available for YEARS going up in price 75 fold.
Take gout medication. It used to cost .10 a pill. Now it is $7.50 a pill. What changed? A company bought the patent and lobbied the FDA to reclassify the drug. Now one company cornered the market it on it. Yes, they had to do some testing and yes, it cost them money. Their cost to manufacture did not change. This is the very definition of overpriced.
Epi-pens and Insulin are similar. Yes, there is a newish version of Insulin but that has been around nearly 20 years at this point.
Price controls are a bad idea. Allowing companies to corner the market on life saving drugs and set their own prices wildly out of proportion to their cost is also a bad idea.