Well, we could look south of the border for a good example. There is little effective regulation of drugs in Mexico and it is estimated that thousands die because of that every year. It's further estimated that tens of thousands suffer moderate to long term health problems because of the same drugs, due to poor quality control or outright fabrication. Indonesia and India are two other good examples.
It's also worth noting that the enhanced regulatory responsibility didn't happen because someone woke up and thought "gee, we should have Congress expand the powers of the FDA". The imediate impetus was the Thalidomide disaster, where 1000's of babies were born with substantial birth defects of the limbs. Ironically, at the time the FDA saw no reason for the drug to not pass. Fortunately, it went to their newest reviewer, Dr. Frances Kelsey. She got shit for 2 years for demanding to see conclusive proof both from the media and industry. Then, reports started trickling in about problems. Of the 10,000+ babies born with defects, less than 2 dozen were American because she stood up to them. The public was quite happy, until they realized that the FDA would have normally passed it except for one person, who was also hammered by her FDA bosses. Needless to say, the collective public response was anger that it could have happened and they demanded reform, which they got. Amusingly, the safety stuff had been in place since 1938, the FDA was just shamed into enforcing it better. One of the two main changes came about because of the variability in manufacturing and the lack of effectiveness of drugs. Contrary to the crap that you'll find on-line, little of the 1962 Kefauver-Harris drug amendments concerned safety regulation (which is ironic, considering that it was safety that drove it) but rather mandated that the FDA start assessing drugs for efficacy. Plenty of drugs were cleared prior by the FDA that wouldn't kill you, they just wouldn't help you either. Most important was the GMP regs that came out, which required manufacturing to provide consistent content and quality of drugs, rather than the previous requirements that only concerned sanitization. It also mandated that drug labels actually list the compound name and any side effects. Sorry to say, most of the changes were the regulations in manufacturing, labeling, and efficacy, NOT safety. Most of the safety regs date back to 1938. Something all those anti-FDA websites don't realize. I doubt if 1 in 10 authors has actually read the amendments.
When it comes to implants, the FDA didn't get authority until 1976 with the medical device amendments.
To be blunt, I've seen lots of books, articles, and websites talking about the thousands dying of no new drugs. They never seem to mention which drugs those would be. Death rates have plumetted in the last 30 years. Life expectancy is higher than ever. People with cancer, heart disease, organ failure, etc live far longer than they did 30 years ago. Yet somehow, we're supposed to believe that we're worse off or that some miracle medication is laying with the water-powered cars and oil substitutes. Why do we think these drugs are miracle drugs? Because early phase 1 and 2 studies show it's promise. To be blunt, those drugs aren't abandoned. They are snapped up and pushed through. It's interesting how many of those wonder drugs hit the papers and then quietly disappear. Not because they are repressed, but because they don't pan out.
As for news shows, do you remember peach pits curing cancer? All those experimental cancer and HIV cures down in Mexico? The news shows do those all the time, usually showing some FDA suit droning on about safety while the gleeful couple talk about how they feel so much better now. Every so often, they do a follow-up where they mention that they croaked. They almost never discuss the hundreds more who died trying it.
I would argue that the FDA needs to increase staffing, streamline drug passage (the departmental redundancies are horrid), and embrace new technologies. Finally setting standards for electronic data capture beyond CFR part 11 would be lovely. To argue that we would be better off without any regulations is silly. BTW, the notion that Europe is different is also silly. I've worked in the labs there on a 14 month exchange. Much of the safety stuff is done and looked at during study conduct rather than waiting for a final complete package. So, they have much of the work done during, which lengthens the development time. The same studies are done, just assessed at different times. Here's a shock for you. If you wait to send a complete package like most US companies do, same studies, same data, same safety and efficacy assessments, it is often EASIER to get a drug approved in the US than Europe. Don't even get me started on getting it into Japan. I've been on teams that have sent packages to all of the main regulatory agencies. Europe is also notorious for approving some drugs more quickly (it's rare, it's usually politically motivated, but it happens) and just when you have the millions of bottles ready, they suddenly make it provisional again, and they want the tests run in country. How convenient. Where Europe is looser is in medical devices, whcih takes us back into implants. Note all of the horror stories of cosmetic surgery in Mexico and SE Asia. It's cheap, it's easy, and sometimes you actually come home without rampant infections! What a deal!
Look, this is so far off-topic that it's not funny. I've said my peace, the field is yours. This is way to much work for the satisfaction. I'm just going to look at boobs now!

Matt