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Regulation in the healthcare industry is the reason. Healthcare companies/drug manufactures have monopolies to the rights to sell certain medications. So they can set the prices. It would be illegal to import medications into countries that have licenses given out to these drug manufacturers. Joe Biden and the democratic party will regurgitate the same lines about the healthcare system in the U.S. but their solution is to generate money on the federal level and give them to companies in the private sector which only encourages them to raise their prices even more.
This is the shittiest system I have ever heard of and I am 100% sure that such a system doesn't exist anywhere outside the United States. Monopolies exist everywhere. But nowhere else it results in a 10,000% markup to the final product. And every now and then the media creates hype. A few years back, there was a lot of hue and cry when Martin Shkreli of Turing Pharmaceuticals increased the price of Daraprim by 5,000% back in 2015 ($13.50 per pill to $750). Similarly, Eli Lilly faced a lot of flak recently over the sky high prices for generic insulin. But the media keeps these issues in limelight only for a few days. Once they receive advertisement deals from the Pharma companies, they allow the news to die down.
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.