Correct, but when it’s already been established that people will pay those prices, they keep them high. So instead of going from $800 to $5 out of the goodness of their hearts, they go from $800 to $650 (number made up) to get more business but still make massive profits.
Yup, but their products don’t work as well, don’t work for everyone, or have other downsides. Banting’s original insulin would be dirt cheap today, but it’s shit compared to what we have now, so the best products on the market today charge a premium for either efficacy or convenience.
Naive question from a european: Aren’t there companies on the market who can offer a cheaper price and therefore beat greedy competitors?
Correct, but when it’s already been established that people will pay those prices, they keep them high. So instead of going from $800 to $5 out of the goodness of their hearts, they go from $800 to $650 (number made up) to get more business but still make massive profits.
You’d THINK capitalism would cause that to happen, wouldn’t you?
Doesn’t work when people don’t get to choose not to take it when it gets too expensive! That thing that capitalists always forget about: necessities.
Yup, but their products don’t work as well, don’t work for everyone, or have other downsides. Banting’s original insulin would be dirt cheap today, but it’s shit compared to what we have now, so the best products on the market today charge a premium for either efficacy or convenience.