I think it would bankrupt the government if they did single payer without price caps on drugs. We already spend about double, as a percent of GDP, on health care compared to other countries. Getting the costs under control is the only way to approach reforming health care that's going to work.
With single payer, the government suddenly holds a lot of cards even without explicitly making laws. Most drugs have alternatives. Facing the threat of having all drugs that have sufficiently good alternatives disappear off the approved prescription lists makes most pharmaceutical companies quite reasonable to negotiate with even for players like the UK government that "only" represents 60 million people.
So get those costs under control, it's not like you need profiteers like your boy Shkreli profiteering off this stuff. Also ban drug marketing while you are at it. They spend half that money on marketing the drugs to consumers.
