If someone were to invent a cure for cancer...

[Bono]

Morality dictates that health care should not be run for a profit

Does morality dictate that housing should not be run for a profit? How about food production?
When the left gets up with this sort of talk, they lose any kind of credibility.

[Bono]

While the patent would last, they would charge a monopoly price. This isn't "as much as they want", it's simply equaling marginal revenue to price.
Of course, the reason the prices would have to be high at the start is because of the FDA regulations which liberals imposed in the first place. This is one of the examples of the feedback loop of government intervention, when government creates a problem and the left demands more government to solve that problem.