I'm sure that the process could be streamlined in many ways but there are real risks to pushing drugs out before they have been thoroughly vetted. Thalidomide babies is of course the go to horror story, of course there are others. It doesn't always appear that many of the drugs that make it through the process are always safe, it's a fucked up system and I wouldn't put my hopes on one of Donny's venture capital bros to make it better.
Watch daytime TV. There are so many lawyer commercials about hernia meshes, hip replacements, blood clot filters, baby powder, and medicines I can't even pronounce, let alone remember the names of. Chances are, the more these roadblocks are removed, the more of these kinds of recalls will pop up.
The author is associated with the Cato institute. He's also a proponent of "Free Cities," cities within a national boundary that don't have to comply with national laws like environment, human rights, workers rights. A return of the company town, unburdened by pesky shit like democracy. It's good for business! Freedom to innovate without the burdens of the last 150 or so years of social/cultural development! My best guess is that Jim O'Neill is an antisocial demon.
That explains quite a bit. Anytime I hear whining about regulations, my first thought is to wonder which people the author wants to throw into the furnace of industry. Life shouldn't imitate Dwarf Fortress.