Also, corporate profit is where innovation and advancement comes from. Cutting edge products and technology advancement comes directly from the Research and Development sectors of corporations and without a good profit, R&D will be poorly funded and innovation (including new medicines, etc that benefit every segment of society) will slow to a crawl or stop altogether. Yes, the rich get richer under capitalism, but all of society gains from that system to one extent or another. A rising tide lifts all boats. Not just the yachts.
I don't think you're right. But what generally happens is that government subsidized academics conduct research without a profit motive and when they discover or invent something, the government takes these advancements in the case of pharma and hands them over to a company to monetize while most of the core research was already taken care of.
https://www.statnews.com/2019/12/10/large-pharma-companies-provide-little-new-drug-development-innovation/The most economically impactful invention of our lifetimes (the internet) was a government project. There was no innovation for how commerce is done online from private companies until the porn industry started wanting to collect money for porn.
Cutting edge products and innovation are the last 20% you're seeing of R&D conducted by public institutions.
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