The FDA's approval process is to ensure only safe and effective products make it to the market. This is unquestionably good. The problem is that companies can take advantage of the inherent delays in this process to obtain undue market power, and impose monopoly pricing.

The FDA should not reduce it's standards, but it should recognize that the expensive and drawn-out approval process creates large inefficiencies in that market, and they should at least strive to minimize those effects.