Add other regulation and inefficiencies, and subsidized research would work with 1/10 the money.
Not to mention that because of the commercialization of medicine, tons of research is for BS like Viagra and other such drugs (like the tons of stupid feel-good "energy" drugs, so that your boss can squeeze even more overtime out of you), where far more important but less lucrative stuff is ignored.
That's how you get the US sucking donkey's balls in infant mortality rates. As if it was some third world country.