The fact that it's standard practice doesn't make it non-stupid. Bullfighting in my country, Spain, is pretty stupid and unfortunately in some areas it's general practice.

The very concept of a patent is tenuous: "no, you can't make this, this is MY idea and I get to decide who profits by how much and who enjoys my invention". When applied to medicine, it's downright immoral and murderous. Even with negotiation of drug prices, you end up with things like the Hepatitis C curing drug costing several tens of thousands of Euros per patient even in European countries, whereas it costs less than one tenth of that in some others. It's just this is paid by the state and not by the end user so it's not as Machiavellian as in the USA, but it's still extremely fucked.

If you want some of the few examples of countries that don't follow the "standard practice", you can look at Cuba being the first country in the world to double-vaccinate 95+% of their population with the COVID vaccine. How? State-funded research, and state-funded vaccine manufacturing, with the primary objective of vaccinating as many as possible as early as possible, instead of the profit motive as the driver.