Too simplistic.
While snake-oil, impure drugs, sloppy research, poor testing may have been the "good intentions" of it's founding, the FDA stands today as an example of bureaucratic excess
Know that it came about as an add-on to an agricultural act in the 1930's?
Like unions, I think that the FDA stifles personal research creativity and prevents the competitive delivery of promising drugs to the consumer.
Drug companies, if public, report to the stockholders. Of what benefit is it to BigPharm to curtail the introduction of new therapeutics?
Bayer aspirin, under todays' FDA, would have never make it to market.
JMO - YMMV