But the new gadgets soon get competition from lower-priced alternatives that expand the market and drive down prices. I remember when the first DVD players cost almost $1,000. Now, you can buy one for less than $50.
There’s a similar cycle at work in the world of pharmaceuticals and health supplements. In the 1990s, scientists at Pfizer discovered sildenafil as a treatment for erectile dysfunction. Sold under the brand name Viagra, the drug quickly created a booming demand for male enhancement products.
Today you can find comparisons of a variety of products designed to “assist in improving erections in men, semen production, and overall performance” on websites like OMG Brah!. The site's Featured products include VigRX Plus, Maile Extra and ExtenZe.
While OMG Brah! doesn't sell the products, it offers links to sites that do and all of the featured products can be ordered for under $100 - far less than the cost of their brand-name prescription competition.
I’m hoping that a similar product cycle will take hold in the electric car industry. I’m ready for an alternative to my gas-slurping vehicle - I just don’t want to pay the price of a Tesla.