[ramanujan]

You might be interested in these studies. The second link is to a discussion of Andy Grove's editorial in Science calling for the FDA to only certify safety (rather than safety + efficacy + comparative effectiveness). But it's the third that gets at your question:

http://www.cato.org/pubs/regulation/regv27n2/v27n2-8.pdf

http://marginalrevolution.com/marginalrevolution/2011/10/and...

http://fdareview.org/harm.shtml

  The delay and large reduction in the total number of new 
  drugs has had terrible consequences. It is difficult to 
  estimate how many lives the post-1962 FDA controls have 
  cost, but the number is likely to be substantial; 
  Gieringer (1985) estimates the loss of life from delay 
  alone to be in the hundreds of thousands (not to mention 
  millions of patients who endured unnecessary morbidity). ... 

  If the U.S. system resulted in appreciably safer drugs, we 
  would expect to see far fewer postmarket safety 
  withdrawals in the United States than in other countries. 
  Bakke et al. (1995) compared safety withdrawals in the 
  United States with those in Great Britain and Spain, each 
  of which approved more drugs than the United States during 
  the same time period. Yet, approximately 3 percent of all 
  drug approvals were withdrawn for safety reasons in the 
  United States, approximately 3 percent in Spain, and 
  approximately 4 percent in Great Britain. There is no 
  evidence that the U.S. drug lag brings greater safety.

Ultimately this boils down to a classification problem. There will be type I and type II errors associated with any kind of centralized approval process. And when studied in its totality, there is quite a bit of evidence that the type II errors are predominating: good drugs being slowed or denied.

The only way to prove this definitively is a side-by-side experiment with a new jurisdiction in which patients and entrepreneurs alike are free to choose and the FDA has no power.