Even if the diagnosis was flawless, the prescription was a steaming pile of excrement.
Pharmaceuticals are a particularly bad example to use to claim market failures. The regulatory burden on the industry is uniquely burdensome with huge barriers to entry for any particular product. Even then there are companies that seek out and test interesting orphan drugs.
As for planned obsolescence, cars now last upwards of 200,000 miles, double what happened 40 years ago. Checkers were pretty much indestructible (500,000 miles were possible 300,000 was the minimum unless you bent the frame) on most of them and model years had interchangeable body parts, , but were so heavy the only got 7-8 miles per gallon. Smart phones are kind of crap, and would last a lot longer if the software were fully open source, however it's not what people care about. They want "cool" and "carrier subsidized" which means short model lifespans and barely two years of support.
If you don't begrudge Jane and John "SUV" Doe their choice you can't say it's inefficient, Maybe a 2nd, 3rd and fourth kid are were in the plan at one time. Maybe they have a boat or RV they like to haul around every weekend in the summer, or maybe "duude!! 4-wheel drive,!" Unless you wasn't to substitute your criteria for what the consumer was actually using, how can you say it's inefficient? Even though you may be more intelligent the Jane and Johns of the world when it comes to many decisions, you still aren't intelligent enough or moral enough to run their lives for them.