Insurance companies and drug companies have the power of life and death over people and have no oversight over them as they bought out government.
They'll have continued to buy out the government throughout the process of setting it up, and the issue is the cooperative oligopolies having quite ridiculous perverse incentives, with the
most important of these being specifically because of government regulation.
Drug companies have to deal with the FDA, which means pulling shenanigans to shortcut or having all your stupidly-expensive research and development get years-long delays before being allowed on the market because of third-stage pregnancy trials.
Insurance companies have a profit ratio cap specifically forbidding them to charge more than a certain percentage of the cost they pay. Naturally, many of them look for higher prices to have a larger pie to take their cut from, as this gives them larger profits.
Additionally, medical licensing is
insanely bottlenecked due to a
fucking quota system, further escalating costs because it is
literally illegal to expand a relevant labor supply. The cost is because the regulation in place demands corruption, not because it's bad to have medicine be free market.
We're also the ones funding the vast majority of innovation, which gives
even more escalation of costs because we're the ones paying for R&D since all those "lovely" single payer countries don't have to deal with that overhead.