The crucial observation is how their value chain works. Most of the value is in restricting the distribution of treatments. That, in turn, is achieved by gettin

The crucial observation is how their value chain works. Most of the value is in restricting the distribution of treatments. That, in turn, is achieved by getting medicines approved in the US. There’s a lot of value near the end of the development cycle, and not near the start. (I conclude from this that there remains a role for government in directly funding scientific research.)