Feds should set a price limit on drugs covered by Medicare / Medicaid. Drug companies can elect to have drugs not be covered, but in that case the patents become immediately open to generic manufacture. It’s a simple matter of national security, and, anyway, the patent system exists for the benefit of the commonwealth. When a patent doesn’t benefit society, all in all, there’s no reason it needs to be protected by the public.
If anyone thinks the drug companies would stop developing new drugs or would become unprofitable, that’s adorable.