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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