If they are using minimal clinical testing, and as a result the research is 'such as it is', it doesn't sound much of a basis for people to base life-threatening decisions on. You may require truth (but who will enforce that without some sort of regulation?), but that doesn't prevent the suppression of inconvenient truth in this sketchy research.That's merely a function of the byzantine drug approval process, it can cost over a billion dollars to bring a drug to market putting the task out of reach of anybody but large and powerful multinational companies. The only way to curtail the influence of a few powerful drug companies over the entire market segment is to get rid of the FDA and the drug approval process. Let people bring drugs straight to market with no or minimal clinical testing, as was the case in the late 19th century when there was considerable competition in the drug market. Require truth in advertising, of course, make drug companies publish the composition of their drugs and their research, such as it is, but let the general public judge the quality of that research and make their own decisions about their medication based on the literature available in the field (like we do with pretty much every other product in the world). Once any biochemist with a bright idea can bring his own drugs to market at minimum expense and without the involvement of these multi-national pharmaceutical companies, you'll see the dynamics of the market change relatively quickly.
You can't blame the companies for the status quo, they're merely doing what they need to survive in the regulatory environment. Get rid of the regulatory environment and capitalism will fix the problems in no time.
It is also surely the case that most people with no medical or scientific background (I include myself) are hardly qualified to make such a decision.
"Get rid of the regulatory environment and capitalism will fix the problems in no time." reads more like a declaration of faith than a practical policy.
Inadequately regulated capitalism has caused at least as many problems as it has fixed (from 19th century child labour and lethally dangerous working practices to the 2008 crash).