In general prescription drugs have massive downsides and they still got approved.
So you need a government agency or a private group doing the same functions while facing huge lawsuits and thus requiring the same or more data. Granted US doctors could use European etc guidelines, but that’s a different discussion.
Such lax rules are invariably exploited to death (literally!) by unscrupulous profit-seekers.
Even if you’re smarter than the average bear and “do your own research”, your relatives won’t all be of the same intellectual calibre and you’ll occasionally lose a loved one to a huckster selling mercury compounds as a cure all.
You’ll get mad and “demand something be done.”
That something looks like the FDA.
Sure, sometimes the FDA is slow to approve drugs that have science behind them. Or from other countries that proved efficacy and safety. But frankly people can already do whatever they want with regards to health. The wellness and alternative medicine industry is larger than the actual pharmaceutical industry. Your fears are unfounded.
https://www.takeda.com/newsroom/newsreleases/2025/takeda-ore...
Wikipedia says homeopathy market was 2.7B in 2007 and I'm too lazy to find new data. AFAIK there has not been issued a single fraud sentence against the manufacturers. That's with a half-functioning FDA that actually made some moves to stop this. Now how bad would it be with no regulation at all? Because, again, there is no doubt that homeopathy has overwhelmingly higher profit margin compared to actual drugs.
So no different than with the current FDA approvals?
Also, there is difference between individual dumb choice and market where bad actors are enabled and normal person have zero chance to distinguish them.
It would not be just dubm choices. It would be people in set up to fail situation.