As long as the regulatory agency is an indestructible government monopoly, you're going to have problems.

Ideally, something like a pharmaceutical version of the private Underwriters Laboratories should be developed. Drug companies would pay "Pharm Labs" a fee to have a drug certified as safe and effective. Or maybe just safe. Truth in labeling would be essential, and a proper role for government regulation.

Now, this is the important part: Anybody should be able to get into the private regulation business, and competitors should be encouraged. Without competition, the private system would fall prey to the same corruption as the current system, and there would be no incentive to lower the costs of the test process and certifications.

Properly set up, the free market harnesses the "greed" and desire for profit in the service of the general public. With competitive regulators, each regulation company has a huge incentive to gain a reputation for being reliable and incorruptible. The fun part is that each regulation company also has a huge incentive to catch its competitors screwing up or taking corporate money under the table.

Who watches the watchmen? Other watchmen who can make big bucks doing it.

Of course, this idea will not appeal to government bureaucratic empires.