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"...anything related to the human body is super-heavily regulated"

In the Western world this is true. Countries with less oversight stand to benefit from regulation arbitrage.

Of course, China already has refuted your thesis. Due to lack of oversight and regulation (and enforcement), their health care system is mistrusted by everyone. That's why the country's covid inoculation rate has been so low. Because trust is very hard to regain once lost, ensurance of safety and efficacy in healthcare through regulation has clear advantages.

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