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I think the naturally occurring part is irrelevant. I mean it's not plutonium. Lots of interesting and unknown things are right under our noses, I don't believe that should change the value of them.

The rest of your question is great, but it's a legal one, I'm no help there...

Regulatory hurdles to get a new device approved.

Maybe regulation is not so good after all

There was a competitor but it wasn't able to reliably inject the correct amount of medicine so it was recalled. [0]

[0] http://www.fiercepharma.com/marketing/sanofi-s-auvi-q-recall...

The drug patent has long expired. It is an autoinjection mechanism that is patented. There have been many competitors in the market but some got recalled due to flaws.