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I think the most correct and probably most discouraging answer is that American healthcare costs about what it should.

Drug prices in the US are >2x the price as compared to other developed countries [1].

Yes I know. That sounds about what it should be. Maybe less actually.

Why should drugs in America cost >2x the price of drugs in other countries?

Invert the question. Why do other countries pay half as much? Because they can't afford to pay more.

You don't pay twice as much just because you can lol

Because that's what efficient pricing regimes do.