I spent a few minutes racking my brain, trying to think of a solid example to counter the theory that company A would pay company B for not releasing something better to the market, putting company A out of business.
The only story I ever heard in which a company did not go forward with the production of a drug was a company that produces or produced (past tense) Immthar, which is a damn near cure for a specific type of cancer called Ewing's Sarcoma, which is very rare (thankfully). I saw that on a CNN special about cancer, called Taming the Beast. Interesting. The company decided not to produce more of the drug, because it is not "cost effective". Even though doctors think that it cured a little girl, the drug company is not going through with it, because the target is too rare.
But I can think of plenty examples of either both old and new technology coexisting, or new technology simply outdoing the old, making it obsolete.
1) DVDs, outperforming VHS. Likewise, CDs and tapedecks, though tapedecks are pretty much obsolete. 8-tracks are certainly obsolete.
2) LASIC outperforming contacts, though not everybody qualifies for LASIC. Contacts outperforming or out-appealing glasses.
3) Computers and paper. The WWW and Libraries.
I don't think there were any "conspiracies" or attempts to thwart the progress of new technology in any of the above cases. So I really don't believe that the makers of minoxidil and finasteride will have any influence on the progress of HM. That's one of the beauties of capitalism. People got rich off of those products. And somebody new will get rich off of HM, and rightly so.
I don't think you can compare the tobacco industry to the hair loss industry, because the tobacco industry is a known "bad" thing, in that they do not develop a product that improves the quality of life. On the other hand, companies that produce solutions for hair loss - minoxidil, finasteride, hair transplant, HM - they are all producing something that improves a man's image, and hence his quality of life.
But I also believe that the tobacco industry will fall. I think the US will get hit HARD with all the baby boomers getting old and having problems, which will have a huge impact on health care, and uncle Sam will be pointing the finger at every entity that is detrimental, big tobacco being the first to blame. That's just me.
Admittedly, I have a rather optimistic, and altruistic, view on things.=)