Unless you are the OPEC or under some obscure government protection law, classic monopoles are quite rare these days and with enough bad-will it should be possible to get them undermined by substitutes.
If the fact that they now have a license devalues the value of the original contract you signed for (I am assuming) exclusive rights, then that is why you have the right of first refusal in your contract.
If it is a market in which it is necessary for you to accept some risk or cost as a "first-mover", then that is why you have that clause in your contract.
Thanks for putting it that way, it makes more sense when I look at it from this perspective.