I would say that is the exception, not the rule, because of the unique features of that market. For example, computers get more powerful and cheaper all the time, because of competition. A friend just bought a new TV that was bigger and better than ours for quite a bit less than we paid. I had to stop my wife who wanted to go get one. Again, competition.
I don't recall the drug, but I do remember that situation. To say it's messy and complicated would be an understatement. I don't pretend to have an answer; I don't even know all the questions.
As you say, the drug companies have a near monopoly. They have it in part because the government makes it so expensive and time consuming to get drugs approved that only big players can afford to play. We all want safety, but how many drugs that could have helped people weren't worth pushing through that gauntlet?
We also have the government preventing the importation of drugs from outside the country, even drugs that originated here. I have friends that spend the winter in the southern US where it's warm. They go to Mexico for medical/dental/drugs. I asked about quality, they said the doctors were US educated and trained. I've heard of people getting drugs in Canada because the same drugs were cheaper there.
Dinner time here, gotta help my beautiful blushing bride.