Anybody can name the prices for what they want to sell. That's the concept of inflation. If I'm at school and have an extra pencil and five people want it, I can charge whatever I want: but they might not buy it. That is the risk the seller takes. However, medical drugs do need to have regulations so that people can afford it. Recreational drugs is an entirely different concept.
Drug companies should be allowed to set their own prices, but with that there should be competition in the market to ensure that these prices are fair. If the pharmaceutical industry is constructed or regulated in such a way as to guarantee fair pricing, they are for-profit companies like any other and should have the right to choose their own prices.
When a drug company invests in the research to make a drug, they should benefit from the effort. Pfizer has to decide what drugs to invest in and what people to hire to research them. When Pfizer creates a drug that works, they should be able to profit from that. Otherwise, drug companies will shut down.
No, drug companies should not set their own prices. Drugs are a necessary part of health care for many people. It is not fair for companies to set prices so high that individuals cannot afford them, interfering with their right to live a healthy life. Their should be some monitoring of pricing.
Pharmaceutical companies should be able to set their own prices within limit. The US government should monitor drug prices to make sure that sick Americans will have access to the drugs they need and they won't be cost-prohibitive. Drug companies who have a patent on a new drug are able to set the price at anything and it is almost always unreasonable.