The patent medicine industry earned $45-90 million yearly around 1900 with no oversight

Evidence

By the turn of the century, the industry was generating annual revenues of 45–90 million, approximately 1.3–2.9 billion adjusted for inflation, in a nation of just 85 million. Despite its inherent fraudulency, however, it escaped scrutiny for a variety of reasons. — Tim Wu, The Attention Merchants, 108

Categorization

• XREF: Connects to the historical pattern of regulatory gaps preceding reform movements, similar to pre-FDA food and drug history discussed in other regulatory histories.