It's a system amendable to changes. But it's designed to attract investment into the healthcare/drug manufacturing industries. If a company is going to sink funds into R&D for a new drug, they hold the intellectual property to such drugs and should be able to profit from it. Insulin isn't proprietary to any one company anymore, so I would argue there shouldn't be manufacturing exclusivity for these generic drugs.
This has been a problem for ages. There hasn't been a politician yet that's proposed a workable solution that isn't merely government subsidized healthcare. I imagine if Biden were to get reelected it would be more of the same for the U.S.
I understand the first part. For example, Pfizer had exclusive rights to Sildenafil for almost two decades and they earned billions from the sales, before that exclusivity expired. Keytruda from Merck is another example. It is extremely effective against Cancer and costs around $10,000 per dose. I am not talking about these drugs. Pfizer and Merck have the right to profit from the sale of these medications, because they spent a lot of money into R&D. But what about insulin? There is a monopoly on insulin sales enjoyed by 2-3 companies and it needs to be ended.