Your comment is correct except this sentence. In reality, if the US implemented price controls, it would simply reduce the negotiating power of European countries. Prices in the US would go down, and prices elsewhere would increase. The pharmaceutical profits would decrease on net, but there would still be plenty of incentive for R&D (much of which is already derisked by the massive amounts of public money spent on it with zero expectation of return).
I don't know why people rail against Pharma when healthcare like hospitals have huge returns on investment in comparison.
https://www.morningstar.com/etfs/arcx/xph/performance
look how much pharma index trails healthcare
Also: generic shortages. Generics are a low-margin business with maybe 6 suppliers workdwide. If one facility goes off-line for this or that reason there's going to be a shortage, and slack capacity is punished by the market. Right now the cisplatin shortage is in the news, and again the market is no help.