Socialized Medical Equipment/Pharma

I understand the arguments against socialized medicine. But everyone knows our medical system is completely broken and something needs to be done. Why can’t states or the federal government be in the business of producing medical equipment and generic medications and sell them to consumers at cost? Creating low cost alternatives that are domestically produced will save lives and create jobs. Is there really any argument for why the US government couldn’t be producing our own insulin? Bandaids? etc