Sounds good in theory
Basically I agree with Tom, but since I don't need to lard it up with a political harangue, there's not much more to add.
That's not to say that politics isn't a factor--the biggest hurdle to your idea is that it gores some powerful oxen. Federal agencies develop constituencies, and in the case of the FDA I'd expect their constituency to include many of the drug companies. Despite the hassles they have with the FDA, they develop relationships that are sometimes cozy, and learn how to work the FDA's system. The saying "better the devil you know than the devil you don't" may apply. Business people tend to be nervous about leaping into the unknown.
--Robert