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I both agree and disagree with it being a bad idea. First, I agree that it is a bad idea, because many drugs are not adequately tested before being offered on the market, and the FDA testing protocols are not what I'd call awe-inspiring, as the company can choose not to publish any studies they want to.

However, if it is approved, then there will be significantly fewer successful lawsuits, and it will be much easier to defend against them, so the companies will have more $$$ to spend on development and testing. They will also be much more likely to make things like vaccines, which most won't, now, because of the fear of being sued by someone who thinks that the shot or pill or whatever caused a problem, and a lawyer who is looking for a paycheck more than they are looking for justice.
 
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