Tons of drugs have been approved, only to be later pulled off the shelves. So despite the massive cost, delays, etc. the process has failed at least 35 (!) times:
Actually they are effective, and have been made even more effective after the recent drug recalls. If the regulations were looser then there would have been even more recalls. Therefore your argument is illogical.
That page says it's about drugs withdrawn for safety concerns. That's different from the typical complaint, which is efficacy trials that are overly expensive.
