This is not the roll of government.
Insurance companies should be able to decide what they will offer and for how much.
The people will than be able to decide if they want that coverage at that cost or shop around for another plan that offers more or has a lower cost.
Every time the government start regulating these things, costs skyrocket and quality tanks. Remember the days before Obamacare? Since the former president made his promise that the average family of four would save $2800 per year, cost have more than quadrupled. (I went from $100/paycheck to over $500/paycheck - My family couldn’t afford to keep our plan, $1000/month is more than my mortgage payment!)
These drugs are hugely expensive to develop, insurance companies aren’t going to just “absorb” the those cost, neither are pharmaceutical companies. So who will pay to “balance” these costs? Either insurance companies will raise premiums to cover the additional costs, or taxpayers will need to bailout the failed companies.
If the government stops trying to “fix” these prices the costs will come down because pharmaceutical companies will have recouped their development costs and other companies will be bringing even better drugs to the market. In turn insurance companies will be able to offer them as a “preferred” treatment over more expensive choices.
Unfortunately, even the threat of this type of legislation will have a chilling effect over both the developers and the insurers. Why would they risk millions, possibly billions, developing these drugs only to see their potential profits disappear with the stroke of a pen.