The second order effects may be that they wouldn't want to even try to develop a drug.
What world do you want to live in? (Rhetorical)
The third order effects may be continued erosion of respect for the federal government's regulatory process. Tread carefully. (And make lots of money while you can.)
And blowing out the drug budget for medicare for a very expensive but futile treatment.
If you say they should pay the costs, they should also reap the rewards, so in that case you have to accept that drugs are really expensive.