What I don't understand is how they're using prescription drug prices as a key lever for Inflation? I'm all for reducing their prices and that's a good thing, but come on, prescriptions make up a minuscule part of the economic issues that are driving inflation.
First and foremost, Price gouging across industries is self fullfilling the inflation fears, meanwhile record profits of 2x or more are being had (looking at you tyson).
Price gouging is not really a thing - it's entirely in the eye of the beholder. If you can sell something at a price, then that's its price. (And I would much prefer Tyson raising prices than leaving shelves bare.)
For the same reason we wouldn't blame deflation on Memorial Day sales, we shouldn't really blame price increases for inflation. The price increases are the inflation.
Price gouging is definitely a thing when you have a captive consumer base or inelastic demand. How much are you willing to pay for a bottle of water in the desert?
Price gouging is only a thing when you have both inelastic demand and a monopoly (which is why patented products like prescription drugs can be price gouging).
If someone is charging $1M per bottle for water in the desert, then pretty quickly a dozen more water sellers are going to make tracks for the desert.
Well, knowing I'm going to the desert I'm going to bring water. Just like how I eat before going to the airport because of the prices. That doesn't map to prescription drug prices, but it does for most things. What you described is more arbitrage than price gouging.
First and foremost, Price gouging across industries is self fullfilling the inflation fears, meanwhile record profits of 2x or more are being had (looking at you tyson).