This is where prizes come in. If you create a drug and keep it secret, the government can grant you a large prize as an offer to reveal your secret.

This is a much better compromise. The company will end up with more money(and faster!) as a result of this prize than under a patent system - since the patent system induces dead-weight losses, and the government will end up with more lives saved.

They keep their processes secret instead under the current system, achieving a "trade-secret" like result for some drugs. For some drugs it achieves the same thing because finding a practical economic synthesis is the hard part rather than coming upon a small bit of chemical that is proven to be effective. For others it wouldn't matter whether you kept it secret or not, someone would isolate and characterize it and reverse engineer a practical synthesis.

The biggest value protector arguably of the patent-FDA approval process is on the FDA side, who create massive barriers to entry that mitigate close unpatented chemical competitors from outside the pharma oligopoly from competing.

Capitalism doesn't serve capitalists. It's built to create an environment where the capitalist, doing what they do best, also serves the community.

Monopolies are anti-capitalism, despite it being something that capital strives for.

This is like being upset that bug spray doesn't actually spray bugs, in fact, it actually deters them.