Popa- It is quite possible that, in the absence of the FDA, much of society would agree with you that some kinda of private overseer is needed. If that’s the case then the market would produce that overseer. Regardless, your comparison to kashrus is flawed. In kashrus, I could open a restaurant and serve treif for 50 years and none would be the wiser. So a mashgiach is necessary to ensure this doesn’t happen. Here, however, drug companies can’t product fatal or ineffective drugs for 50 years without anyone noticing. The beauty of the free-market system is that drug companies would self-regulate (I know that’s a dirty word, but it’s the truth) to ensure their reputations aren’t harmed.
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