At this point, I honestly think that we'd be much better off without an FDA at all.
It costs >$2B to develop a drug. Most of this is on account of efficacy testing -- phases 2 and 3 of the drug development process -- which are nearly impossible to run. And when drugs exhibit poor or nil efficacy, the FDA sometimes approves them anyway, making the entire process unprincipled. See, e.g., flibanserin, aduhelm, and others.
The result is total regulatory capture. If you're a small firm -- a biotech startup -- you quite literally can't introduce a new drug to the market. Your only hope is to push it through preclinical trials and then partner with -- or get bought out by -- a large "prime" like Pfizer which specializes in regulatory compliance and has the deep pockets required.
Back in the 1940s and 1950s, there were lots of small firms that competed in drug development. Syntex, for instance. That was a period the industry still calls "The Golden Age of Drug Development," and it would be utterly impossible to recreate today.
All of this is without even going into the bureaucratic hurdles which delay new treatments from reaching patients, the chilling effect that the red tape has on pharmaceutical R&D, the way they gatekeep generics, and I could go on all day. It's not just a bad system, it might be among the worst systems possible, as it concentrates all power and all wealth in the hands of a few -- and the patients are the ones who suffer for it.