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Why aren’t the Europeans cranking out new medications at cost then?

No one is saying that drugs have to be provided "at cost" (that's very similar to the fallacy of the "do you expect us to work for free?" argument).

Is not the definition of profit the excess charge after removing costs? By definition “no one should profit” does mean “at cost”.

technically yes, but sometimes people think of "at cost" meaning that people aren't getting paid (the price covers the material costs).

But what I really meant "inordinately profit from" so I should have specified that