No, it's more like this: I'm the CEO of a medical drug supply company. I want a new yacht, or a new Jetstream private plane, or hell--why choose between them when I can get both? What price should I charge for a drug millions of people need each year so that I can continue to enable my decadent lifestyle?
If the historical price is X, but I can charge 4X because people need the drug, let's charge 5X so I can make even more profit because demand is inelastic.
And the bad PR of news reports of people dying because they can’t afford our lifesaving products can be addressed by issuing a press release announcing price cuts and a coupon program which will both be ended after the public moral outrage dies down.
If the historical price is X, but I can charge 4X because people need the drug, let's charge 5X so I can make even more profit because demand is inelastic.