This conversation is confusing without the FDA isn’t everything allowed by default and you get far worse like the current supplement industry?
1. Manufacturing quality/ingredients accuracy (is the product what is says on the tin) 2. Safety 3. Efficacy
Medicines must pass all three, supplements don't have to meet any.
And in the case of drug effectiveness, isn't this a very expensive endeavor, where the primary source of funding would be the companies themselves biasing results?
In this case we had companies happily selling us ineffective drugs, not because the FDA wanted it, but because they did not reject it. In a world without the FDA, what entity rejects?