I think the US government should just directly pay for the studies/tests. If (as would be assumed), the drug meets the current requirements after this testing,

I think the US government should just directly pay for the studies/tests. If (as would be assumed), the drug meets the current requirements after this testing, all drug companies can continue selling them. If not, then great we can take a dangerous and/or ineffective drug off the market. And if the government isn't willing to pay, they should just continue leaving it grandfathered. The Unapproved Drugs Initiative sounds much worse.