And still, Moderna and BioNTech came up with vaccines for COVID-19, not therapies.
Name three, and give reasons to believe that there's no cure for business reasons. If you can't name at least three (of the "many conditions"), then how can you be so sure of this?
#2) Oxycontin. We have far better cures for short-term pain management. A 1996 internal email from Sackler: "get an audience for our patent infringement suits so that we are feared as a tiger with claws, teeth and balls, and build some excitement with prescribers that OxyContin Tablets is [sic] the way to go.15" (https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5234149/)
#3) Unnecessary procedures (440k/deaths year from medical errors -https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5234149/)
2) > We have far better cures
So you’re saying there are cures. Great then. Please re-read the gp's question. For 3) as well...
Public funding is fine for when your end-goal is known. In medicine, the end-goal is known: cure/manage condition X, which will save lives or improving quality of life of sufferers.
Optimising for patentable, innovative techniques is no longer a distraction (because those aren't needed to "protect your investment"). Optimising for ongoing therapy rather than a one-off/infrequent cure is no longer a distraction because you already got your money from the government and ain't getting any more. You can just focus on getting the job done quickly, with the cheapest techniques available (though boring they might be), and with the cheapest possible total cost of running the therapy start-to-end.