Well, we could remove patents, but removing (or lightening) regulation may be a bit more tricky: you wouldn't want Big Pharma to release something that's more a poison than a medication.
I don't know. Nor am I aware of any study which shows regulation's effects, or lack thereof. I'm just saying that if regulation has benefits, they should be compared to the drawbacks before we forfeit them. If it has no benefit, of course get rid of it.
Anyway, as I said, I don't know a thing about pharmaceutical regulations. If you do, a few pointers would be welcome.