The current model works very well for the billion dollar corporations, largely because they're the only ones who can afford to follow the FDA requirements.
> And if you don't think drastically reducing the barriers to entry for products in to the us would make us less safe I'm certainly open to hearing how.
Most of the barriers to entry are more bureaucracy than safety, and the net effect is fewer medicines are available and those that are are more expensive. The greatest success story of the FDA is thalidomide, which killed or seriously injured around 100,000 worldwide over 50 years ago; meanwhile about 45,000 americans die every year from not being able to afford medical treatment, and that only accounts for medicines that made it through the approval process, not those where it wasn't economical to try.