Would big pharmaceutical companies choose profits over human lives?

A scientist believed he'd found a possible cure for Diabetes and asked pharmaceutical companies to sponsor clinical trials. From the article:

One example is Weissman’s mid-’90s research on type I diabetes, in which he demonstrated the ability to fully cure type I diabetes in mice using stem cells ... Weissman implied that the pharmaceutical companies had put profit over principle, preferring to keep diabetes sufferers dependent on costly insulin than to cure them once and for all.

Via digg.