Right. And to add to the scenario: in this world the FDA is a for-profit corporation that owns the only drug store and uses its regulatory power to prevent any others from existing.
does the FDA not get a fee to review and approve drugs? is it not the exclusive arbiter of approved drugs in the US?
ignoring the for-profit corp vs govt regulatory body statutory difference, there isn't much different in operation.
Pretend that Apple is a federal agency, not a corporation? Then its monopoly power would be legitimate and antitrust laws would not apply.