It's a mixed picture. The motivation for profit drives the development of many life-saving or quality of life raising therapeutics. That's just reality. It's comically ironic that politicians who cater to those who can fund their campaigns would lambast the pharmaceutical industry for caring about profit.
That said, everything should be done to reduce development costs such that there is more motivation for pharmaceutical companies to pursue therapeutics and to market their products more economically. I asked a high level scientist/company officer from a famous biotech - ‘Why does (therapeutic X) costs so much? Does it reflect R&D costs?’ The answer was “That's what the market will bear.” Honest, but problematic.
This is a designer version of the sketchy old drug thalidomide. Those old enough to remember may recall the horrible birth defects caused by this drug in the 1950s.