It is unfortunate that many products in history have contained harmful materials. The FDA has safeguards in place that keep products from being marketed to the public before they have been properly tested. I know that many business owners hate to be so policed by the government, but consumer safety should be paramount.
Yes, whether it's through the FDA or other independent agencies, companies do need strict oversight. Look at this so-called health drink Radithor, from the 1920s. It wasn't healthy, it was destructive! Too often companies will work to make a buck without checking the safety of their products. This is why oversight is necessary.
There is a good reason for the FDA. Without it, people don't know what they are putting in their bodies. The first group of people to use a product would be the guinea pigs and suffer whatever the consequence was. The companies that hurt people would never be held accountable for it.
While companies do need some oversight by the FDA, strict oversight is not necessarily needed. Companies that manufacture and distribute food products are already overregulated, To the detriment of the consumer in the form of high-priced food and often times crappy tasting food. Cut back on regulations and unleash the power of the market to bring better food to people.