I agree that profit is a big factor in what gets developed.
However, I'm glad that we have hundreds of private sector companies developing new drugs, as if the politicians ever decide governments should do this, they are likely to screw it up, just like everything else politicians touch.

What we probably need is a few smart people looking into how to promote development of low profitability but important drugs and vaccines. Perhaps the likes of Bill Gates, Warren Buffet, a few economists and so on.
With his huge fortune, Bill Gates is already doing that to an extent and I'm sure he'll have more success in allocating his own capital to good causes than yet another clueless government twit.