A lot more people are helped by the current level of scrutiny for drug approval, than are hurt by it. One could even make a good argument that looser standards would provide a net benefit. Just because 5 already very sick people die a little sooner as a result of an unforeseen side effect of a relatively new drug, doesn't negate the tremendous benefits most of these provide to tens of thousands of other people -- often extending many of those people's lives.
Thalidomide