Reduce the ridiculous approval levels that have to be obtained to get any drug to market. The regulations, driven by neurotic fears of litigation and other penalties*, practically demand a multi-billion dollar corporation to meet them.

Naturally, you aren't going to get a lot of competition this way.

A huge amount of the cost of developing a drug is getting it approved.

The exact level of appropriate regulation, which could include private oversight organizations, is a complex question. It's possible that several levels would be feasible (I have noted that "fast tracking" can be done on urgent drugs, which is a good thing). But it's obvious that right now we have serious overkill in this area.

*Putting the brakes on the ambulance-chasers wouldn't suck either.