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I am two days away from death right now, and there's one product that stands between me and death, but yet that product (water) is abundant and cheap- even thou
by tuna-piano 10y ago
I am two days away from death right now, and there's one product that stands between me and death, but yet that product (water) is abundant and cheap- even though it is priority #1 in my life. I'd literally spend my entire net worth, and go into debt to get just a glass of it if need be.
Price is not representitive of value. It's why diamonds cost more than water.
For certain things, I'd expect cheap prices in healthcare- if the market is allowed to function (i.e. Patents, regulation, etc are not in the way).
For others, high prices could actually be beneficial. Profits in an industry attract additional investment. When photo apps get bought for a billion, more people want to make photo apps.
Recently, specialty drugs for rare diseases started charging enormous prices. Do you think that led to more or fewer specialty drugs being developed?
In fact, there's been a boom in specialty drug development, which wouldn't have happened without the profits- but are saving many lives.
Fix prices, and you'll fix innovation to today's level. Allow profits, and the system will continue to magically improve.