Foxes are guarding the henhouse
The Food and Drug Administration is responsible for overseeing the safety of new drugs provided by the multi-billion dollar pharmaceutical industry. According to GlobalData statistics, each of 22 companies had more than $10 billion in revenue during 2014 (not all of these are American based companies).
The FDA does not have the funding to independently test all of the new products put on the market each year,
so the FDA usually relies on clinical trials by the pharmaceutical companies on their own products.
This doesn’t necessarily mean that the pharmaceutical companies have no concern for safety at all. FDA approval does not shield drug companies from liability if a new drug has catastrophic consequences. However, the quality of research is inconsistent, with some companies being less thorough than others.
The FDA should take over this role and bill the cost back to the drug companies.