Assuming that it were to happen all at once, yes. But instituting these types of changes would probably take the better part of a decade, or at least several years to phase in.

Based on my understanding, that contraction in the pharmaceutical industry would put money back in the hands of the middle to lower income brackets who are currently impacted most. And given that the velocity of that money is higher for them than it is for the upper classes, it would theoretically lead to higher consumer spending, and growth, for the economy.