By definition you are actually advocating for anarchy in drug production, namely the removal of all regulations pertaining to it.

Anarchists believe if we get the laws and rules out of the way we would all get along a lot better. I however don't really buy that.

As for the regulations not stopping every bad drug, of course they don't. Some problems are almost impossible to detect, and if you had a standard that stopped every problem drugs would come to the market far slower, and testing would be much more expensive. The current system is a balance of risk and payoff. It has some recalls due to problems, but detects far more in testing.

Your proposed system says "the regulations aren't perfect lets not have any at all".