Healthcare is the most heavily regulated industry in the US. Many of those regulations were written specifically to minimize or eliminate the influence of market forces. You can't reasonably say the market has failed when it has been so tightly constrained by regulation.

Absolutely.

https://mattstoller.substack.com/p/buckraking-did-a-medical-...

https://www.accessdata.fda.gov/scripts/drugshortages/default...