He owns the company that is the only current company making the drug. That has some advantages (knowledge of process; supplier and distributor contacts; control of distribution) but eventually another company will enter the market and undercut the price.
Other companies do similar things. Look at the treatment for Age-related Macular Degeneration - Avastin vs Lucentis.
Avastin is older, and cheaper. It's as effective as Lucentis. The same company makes both. That company refuses to try to licence avastin for use with AMD, which forces (at least, in the UK) doctors to instead use the very similar but very much more expensive lucentis. The compnay claims there are problems with avastin, but really those problems arise from incompetent handling ("People might use non-sterile needles to inject avastin! Lucentis comes in a pre-sterilised package!". Well, if you're worried about people using dirty needles you need to fix a lot more about that hospital.)
Other companies do similar things. Look at the treatment for Age-related Macular Degeneration - Avastin vs Lucentis.
Avastin is older, and cheaper. It's as effective as Lucentis. The same company makes both. That company refuses to try to licence avastin for use with AMD, which forces (at least, in the UK) doctors to instead use the very similar but very much more expensive lucentis. The compnay claims there are problems with avastin, but really those problems arise from incompetent handling ("People might use non-sterile needles to inject avastin! Lucentis comes in a pre-sterilised package!". Well, if you're worried about people using dirty needles you need to fix a lot more about that hospital.)
People are going blind because corporate greed.