Didn't a competitor introduce a better version of the $750 pill priced at $1? Isn't that proof of free market efficiency working? Indeed much of the rising ins

Didn't a competitor introduce a better version of the $750 pill priced at $1? Isn't that proof of free market efficiency working? Indeed much of the rising insurance costs appear to be government-mandated purchasing of a highly-regulated service, a la affordable care act. That's just elementary economics. The FDA-imposed regulatory hurdles to medical innovation also drive up costs and protect the price gougers from competition.