[waterhouse]

The market tends to fail when it's strangled by regulations (which pleases the large incumbents, whose necks are much thicker than their competitors). For any apparent market failure, try translating your complaint into a business plan, and see what obstacles you hit. "These drugs are way too expensive. Why can't I make a profit by making the drug and selling it for a lower price?" Answer: the patent system forbids it.

And for medical conditions that don't yet have drugs developed: "Why can't I make a profit by investing some reasonable amount of money to develop a drug?" https://en.wikipedia.org/wiki/Cost_of_drug_development puts the average cost in the billions of dollars. How much of that is due to intrinsic difficulty, and how much is artificially imposed?