When the patent for insulin was first sold to the University of Toronto in 1923, how much did the inventors charge for this life-saving medication?

In the complex world of healthcare, pricing strategies for medical products involve numerous factors including research costs, regulatory requirements, and market dynamics. The history of insulin pricing in particular reveals important insights about how pharmaceutical pricing has evolved over time, impacting both industry profitability and patient access to critical medications. Test your knowledge about this important aspect of medical product economics!

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$1 (one dollar), as the inventors believed essential medicines should be accessible to all patients
$100,000, which was reinvested into diabetes research programs
25% of all future profits, creating the first pharmaceutical royalty model
$10,000 plus exclusive manufacturing rights for 50 years