"is the only developed nation on Earth which allows pharmaceutical companies to set their own prices."
this statement is simply not true. Even in Australia they set their own prices and drugs not listed as being subsidised by government can truly have insane prices. The only thing we have is the government rejects drugs for the program subsidies if the pharma companies aren't reasonable in price. Being a government subsidised drug is far more beneficial than a limited market at high prices in most circumstances.
I've got a bad feeling about this.