I don't necessarily doubt we have a shortage of meds. It's just that I think The FDA has more to do with the shortage than anything. The FDA is nothing more than a political arm of The RAT Party and a make-work factory for The RAT Party's number one constituency; lawyers.
The FDA is an example of the “hidden costs” principle of economics.
The cost, in lives and suffering, of withholding drugs from the market, is an invisible and unmeasurable “what if” game. “What if drug XYZ were approved earlier, how many lives would be better or saved?”
But, on the flip side, if a drug is approved “too early” and has some detrimental effects, these costs are visible and measurable.
Therefore, the incentive is to NOT approve drugs.