[Houshalter]

First of all, see my comment above. The FDA costs way more lives than it saves.

Ideally I would like the FDA to be replaced by a more efficient regulatory agency. Europe's system seems to work a bit better. I dream of something like prediction markets, where people could bet on what medicines would work and not work. At the very least, some system designed to make regulators accountable for lives cost due to not approving drugs, just as much as they are accountable for approving bad drugs. Both sides of the tradeoff need to be explicitly acknowledged.

But I'm not confident that nothing at all would be worse than what we have now. Snake oil wouldn't be legal as victims could sue the companies that produced bad medicines for millions. Bad drugs would still be banned on a reactionary basis, rather than preemptively banning all drugs and only approving the ones that can meet a ridiculous threshold. Doctors are not idiots and would do their best to make sure their patients aren't getting snake oil.

I'm not saying this is a perfect system, I'm saying the FDA is so bad it manages to be worse than this.