Night Owl,
"By that I mean, for example, that we don't say pharma can't charge more than $5 a capsule or something, but maybe we develop a matrix of allowable costs and a review of price increases, so we don't have another Epipen episode with prices quadrupled for a drug that hasn't changed,"

I agree with you about older drugs, 9News did a report on drug after drug that people used to import from Canada. Then, an American manufacturer bought the rights to the drug and obtained "orphan drug" approval. Since the drug was now made by a US manufacturer, Canadian import was now prohibited, and the American manufacturer jacked up the price by 5 or even 20 times the Canadian price. Outrageous, IMO.

But, what difference do you see in your comment I quote above between not imposing a price ceiling and your matrix of allowable costs?