reciprocity of drug approvals

In this radio conversation, Lars Larson and I discuss his concerns about the testing and approval process for new drugs and medical procedures in the United States.
Americans need assurance of the availability of approved drugs and medical devices in the marketplace so that healthcare providers have more reliable inventory, experience fewer shortages, and more choices when shortages arise. Reciprocity of regulatory decisions would help to achieve that.
Drug shortages mean that many patients are getting the second or third choice of a medicine, increasing the likelihood that the drug will be ineffective or only suboptimally effective, or have unwanted side effects. Reciprocity of approvals between the U.S. and certain other countries could help to address that.