Not according to the literature.

Lee Mendoza, R. (2019). Incentives and disincentives to drug innovation: evidence from recent literature. Journal of medical economics, 22(8), 713-721.

While high and continuously rising drug prices are typically claimed as the price of scientific innovation, the reviewed literature finds that this link only partially accounts for the problem. High risk aversion owing to information asymmetries and vastly intractable uncertainties is prevalent among innovating firms. Predatory business models abound. Reverse predatory strategies also exist to maintain product exclusivity without much added clinical benefits, and to constrain generic competition. CEO compensation practices contribute to rising drug prices.

Feldman, R. (2020). Perverse incentives: why everyone prefers high drug prices-except for those who pay the bills. Harv. J. on Legis., 57, 303.

Quite simply, incentives percolating throughout the prescription drug market push players toward higher prices. At the center lies the highly secretive and concentrated Pharmacy Benefit Manager (PBM) industry middle players who negotiate between drug companies and health insurers by arranging for rebates and establishing coverage levels for patients.

Thus, one should not be surprised to see competitive distortions and sub-optimal outcomes.

presents a full picture of incentive structures in which higher-priced drugs receive favorable treatment, and patients are channeled towards more expensive medicines.

In exchange for financial incentives structured in different ways to appeal to hospitals, insurers, doctors, and even patient advocacy groups, drug companies ensure that lower-priced substitutes cannot gain a foothold.