Again, healthcare in the US is dramatically more expensive than in other countries. This is true for publicly funded healthcare (e.g. Medicare) and privately funded healthcare.
I already mentioned drug prices, another input in the cost of US healthcare is the cost of physician salaries. Physicians in the US are paid ~2x what physicians in the UK are paid [1].
One input to physician salaries is that we limited the number of new doctors by limiting the number of residency positions.
[1] https://www.physiciansweekly.com/post/how-do-us-physician-sa...
I'm not denying it's more expensive. I'm disagreeing with your premise that we could reach the cost effectiveness of European countries. Europe and America aren't interchangeable. You can't achieve the same results in each just by turning the policy knobs to the same settings.