I believe many of the drugs that would be imported from Canada are the same drugs that went through the FDA from the same U.S. pharmaceutical companies, so of course these companies would oppose imports. (I don't believe drugs can circumvent the FDA just because they are foreign.) In this case, the companies would eventually stop selling in Canada to keep their U.S. prices from being undercut. This would be bad for Canada, obviously, but also bad for the U.S. because prices would be even higher here.
Canada has price controls that make the price of drugs artificially low in Canada, and to some extent artificially high in the U.S. The U.S. is basically subsidizing, in part, cheaper drug prices in other countries. This makes the import question a little more complex--meaning it makes it harder to stick with our free market principles. But we must nonetheless. We would do well to put some pressure on other countries to lift their price controls. I am guessing this could be done through the WTO, but I have no idea.
As for an option not to go through the FDA, I think it is a good idea. Consumers could chose to pay more for FDA approved drugs or less for non-approved drugs. Also, the notion is tossed out every once in a while when Congress is considering tort reform that companies should not have product liability if the FDA approves the drug. This would lower costs at least marginally.
