Typical libertarian drivel. The bit about "competing drug and device manufacturers and sellers, to safeguard against product liability suits as much as to attract customers, would provide increasingly better product descriptions and guarantees" is especially laughable. No, they'd market more poison in the hope of a fast buck, then lawyer up and use their wealth to avoid the consequences of their deeds, if discovered.
The only way I can see libertarianism working is in a racially homogeneous society. Until we achieve that, implementing solutions like these will just be to our detriment as a people.