[ErrantX]

I think ultimately it comes down to how much deregulation occured.

If you go all the way and the FDA was replaced with companies who offered to test and "approve" drugs for profit then I think it is difficult to establish a full trust relationship with those entities.

You mention the FDA becoming advisory; that could become a good compromise. However there is a danger that people would simply ignore the dangers and, at some point in the future, suddenly realise they had done something terrible to themselves :D

A balance is crucial; I think we actually have it in the drugs industry, but perhaps there is room to make modify as well...

[esspem]

Why do you think you can trust FDA but can't trust commercial entity?

According to comments here, FDA made mistakes too.

[ErrantX]

Because they are a govt. agency and have both oversight and you can request information from them.

[stretchwithme]

but you have no choice but to accept them as the entity whose recommendations you follow with regard to drugs

What features are included in a car is regulated by competing companies and you can pick which set of choices you deal with.

The competition between companies and the choices that you have imposes a discipline that does not exist with government.

With the government, you are simply coerced to accept their judgements. Which are influenced in all sorts of ways by the drug companies.

And if something becomes glaringly obviously wrong with something the government is doing, fear not. In a decade or two, someone will get around to changing it.