Create the Medical Research Advancement Administration to publicly fund medical and drug research. The federal government would make a massive annual investment in medical and drug research. All funding would go to public Universities to find new drugs and cures for diseases.
All discoveries would become property of the American people. The MRAA would oversee licensing rights for new drugs. All drugs would be licensed to multiple companies to ensure competition.
100% of licensing fees and royalties from drugs managed by the MRAA would go the MRAA's annual research budget. As revenue from licensing fees and royalties increased, public funding of the MRAA would decrease.
If an MRAA drug didn't didn't have competition in the market, profits would be capped at 15% the cost of production.