It depends, does the society we're imagining have a working liability system, or does money always win in the courts? FDA regulations come along with protection from liability, so you could imagine two adjustment knobs: one setting Bayer's control over the FDA through regulatory capture, and the other setting Bayer's control over the courts, through procedural loopholes and lawyers outsmarting judges. If both knobs are turned up, drugs will poison you no matter what. If the courts are less controlled than the bureaucracy, then when the bureaucracy awards protection from liability it will be making the drugs more dangerous. If the bureaucracy is less controlled than the courts then you will depend on it to hold back against the companies who know that hurting people will be pure profit if they can sneak through the approval process. If both knobs are turned down, it doesn't matter who is protecting you because you'll be protected.