It tends to backfire so well there's a name for it[0]. And the
current drug economy isn't just going to disappear just because
someone else wants to pay for it.
I am about zero percent surprised that this is named after something that happened in India. Our entire country is built with layers upon layers of incorrect economical/political stimuli and their unintended consequences.
Example: Some measures taken in the 60s and 70s to increase grain production caused groundwater levels in some states to deplete alarmingly a few decades later. To protect the groundwater levels, a law was passed in 2009 that now, along with the original measures, causes the pollution level of the national capital shoot through the roof (pm 2.5 > 500) every winter.
[0]: https://en.wikipedia.org/wiki/Cobra_effect