focus on making sure health\u002Drelated markets are free of unnecessary barriers that inflate costs, writes Vass Bednar. Read more.
In the recent past, new entrants have reshaped markets to the benefit of consumers. Warby Parker Inc., a direct-to-consumer seller of eyeglasses, has transformed the spectacle market since it was founded in 2010. Previously, the eyewear industry was essentially a monopoly under European conglomerate EssilorLuxottica SA. Warby Parker started with a selection of five plastic frames for $95. Contact lenses also went direct to consumers a few years later, often with a subscription.
The most recent example of this market lockup in Canada is hearing aids. The United States no longer requires a prescription or medical exam to purchase most devices, a simple change of policy that advocates such as Mead Killion, a hearing aid pioneer,Another industry in need of disruption is pharmaceuticals, especially as Canada considers a national pharmacare program. Pharmacare is ultimately a competition issue, as it asks us to intervene on pricing.
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