The FDA Can Only “Fast-Track” Medicine Because It Slow-Tracked It in the First Place
In the midst of the COVID-19 crisis, tens of thousands of people within pharmaceutical companies are working hard on tests, on medicine and methods to save those who are ill. Many of these efforts have been fast-tracked by regulatory bodies such as the FDA. This is all and well. But this is also a good time to ask ourselves why this fast-tracking was necessary. Why are medicine and equipment “slow-tracked” in more normal times?
Some people think that no government regulation means no regulation at all. The fact of the matter is that a free market can self-regulate quite successfully and far more efficiently. How in this case? Simple... don't protect big pharmaceutical companies. If they screw up and kill people then one should be able to collect the damages via a civil lawsuit. You can bet that they would do everything possible to ensure their product is safe and clearly enumerate what the actual risks are. Then it should be up to their potential customers whether to use their product or not.
And the end of the day, if the FDA is willing to (or must) suspend or relax regulations when something is needed most, what good are they anyway?