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Because long-term strategy in the current US basically doesn't exist. Voters want the results immediately and if they don't see them they don't vote the representative back in. The next representative wants to do their own thing and thus tears down what has been done to put their own stamp on it.
companies don't want to do the starting line work that leads to a product. Failure rate is too high. Companies come in once government and academic scientists have developed things to a greater point. The guy who invented the blue led did a whole bunch of experiments in direct contradiction to his company execs following the results of an academic scientist.
Generics are not anything new, they can only get made once a patent has run out.