AT&T did not have a total monopoly and the ability to charge 8000x prices. Remember the drug company is already ahead even if they never sell this drug again. That's not true of less extreme price increases.
During the days where MCI had a pronounced savings over AT&T (aka mid to late 90s), it was only 5-6x difference [0]. Based on that, I agree, totally different ball game with pharmaceuticals (like 3 orders of magnitude difference).
[0] Source: I worked for MCI during that era. When we were selling flat rate 10¢/min, most of the folks we talked to were paying 40-60¢/min with AT&T for intra and inter-lata calls. Folks thought the price was so low that there was some hidden charge or it was some kind of scam. Of course AT&T (pre-SBC acquisition) responded and dropped their prices, but they took a long time to do it.
[0] Source: I worked for MCI during that era. When we were selling flat rate 10¢/min, most of the folks we talked to were paying 40-60¢/min with AT&T for intra and inter-lata calls. Folks thought the price was so low that there was some hidden charge or it was some kind of scam. Of course AT&T (pre-SBC acquisition) responded and dropped their prices, but they took a long time to do it.