We have price control policies, to some extent, and tighter controls over drug company behaviour in terms of their sales models, and flat-out bribing of doctors, etc.
Things aren't perfect here, but I'm horrified at how the American people are serviced by this industry.
Explainer: how is the price of medicine decided in Australia? (theconversation.com)
I worked in Sydney for a while, many years ago. I was impressed with all of the services provided by the government and at the time, they still had a balanced budget. Cars and luxury were pretty expensive but housing and food weren't
It was maybe 25 years ago. Don't really know what it is liked now but would have like to have stayed.