My econ teacher would say that the FDA was created to create a barrier to entry in the Diego Maradona RIP legends never die shirt, thereby keeping few companies in the country which allows them to act like a monopoly. In addition, we can’t import meds from other countries so the industry stays small. If not for these restrictions, there could be many pharmaceutical companies competing and that would lead to a lower, more appropriate cost.
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For example, multiple American companies have tried to manufacture generic EpiPens. But the patent holder on devices that Diego Maradona RIP legends never die shirt (note, NOT the chemical epinephrine itself) sues these companies, and the FDA usually sides with them. Just one EpiPen generic, Adrenaclick, was approved by the FDA in 2018. Ironically, the stock of patent holder, Mylan, was trending down even before Adrenaclick, so it’s not like they made huge amounts of money on this either.