Two things are happening
1) management is using the excuse of Covid to push up prices so that profit levels are maintained
Don't take my word for it , just have a close look at the annual returns which are starting to be released to the share market
2) the true cost of raw materials that are not subsidised by the Chinese government keeping their currency undervalued by nearly 60% are starting to flow through the system.
Western industry ( and that includes Australia for those who think I am just Yankee bashing ) have not bothered to modernize & still running low volume labour intensive assembly because they can just buy partial assemblies from China
What spend $ 200,000,000 on robots when you can spend nothing & just import ?
add to that US, UK & Aust management still see the workforce as the enemy and individual workers as "production variables" to be reduced where ever possible.And yes it is what they teach those sharp young MBA students that workers are "variable units of production " not people because if you dehumanize them then it is easy to oppress & destroy their lives .
Real time mower example, the move of B & S to NY because wages are 5% lower than in Wisconsin .
German workers are paid near 3 times what USA workers are yet Germany is a production super power because management works with the unions for the betterment of both parties.
The US, UK & Australia managements see themselves as at war with the unions , an attitude that seems to be intensifing .
The wages cost of the hands that work the controls of the machine that makes 10,000 items a day is insignificant but Western industry management keeps feeding the population lies about millions of Chinese workers huntched over benches working for a few grains of rice a day where as in reality their productivity has gone through the roof because the factories are updating to higher volume higher effiency machines on a daily basis .
I wish you very well with your venture, but I can tell you exactly what will happen
If you come up with a practical useful solution that is cost effective & works well , H F & Wallies will buy a couple, send them to China to be copied and sell them for 1/2 of your production costs