Smith's premise of markets depended on there being a great many small buyers and sellers who were of roughly equal economic power (say, within an order of magnitude). He said as much in the often cited but nearly never actually read " An Inquiry into the Nature and Causes of the Wealth of Nations". (You should read it, it's free!)
So no, two corporate billionaires selling to individuals is nothing like a viable market.
Note too that he was a proponent of strong regulation and an opponent of corporate charters except where absolutely unavoidable. If you buy into the market, you should naturally oppose corporations and seek to minimize them.
As for the FDA, it came into existence because there were poisonous foods and drugs on the market and people were dying.
If you care to call for better regulation, I'm with you. I would love to see
the FDA abolished with a ground up replacement, among many other reforms.
As for the current topic, I am glad the FCC i butting out. That was not an appropriate regulation.