The same arguments put forth to "gut" Obamacare could just as easily be applied to the Public Service Commissions of this nation.
Is there really anyone that believes our utility bills (electric, water, gas, phone, etc.) would really be reduced by eliminating those commissions and letting utility suppliers in California compete with those suppliers in South Carolina?
Drug companies get patents on newer drugs good for 20 years from the date the drug is invented. Development time reduces the exclusivity time, but with skillful "lawyering," other patents can be awarded on the manufacturing and other processes involved, which extend the protection of that drug for even more years.
As an example, the big-time drug for Rheumatoid Arthritis is Humira, which is manufactured by Abbvie of North Chicago, Illinois. Humira went off patent in December 2016, but the company advises stockholders that "surrounding" patents will keep any competition off the market through at least 2022, in their opinion.
Competition can reduce prices, but there is little practical competition in the health care market, and it is almost impossible to engineer a way to establish it in many areas of health care.