Most breakthrough research is already publicly financed through the National Institutes of Health (NIH). According to the NIH website, as of 2017 at least 94 NIH-supported researchers in medicine have been sole or shared recipients of 49 Nobel Prizes.
Many of the most important advances in medicine have come from single-payer nations. Often, private firms enter the picture only after the public has paid for the development and clinical trials of new treatments. The HIV drug AZT is one example.
On average, pharmaceutical drug companies spend two and half times as much of their revenue on marketing and administration as they do on research and development. Negotiating lower prices will permit all Americans to have access to needed drugs without hurting research.