Still there were some shortcomings, which were corrected by Wheeler Lea act.
Congress passed The Wheeler-Lea Act in 1938, a United States federal law, which amended the Federal Trade Commission Act. It gave the FTC the additional responsibility of policing "deceptive acts or practices in commerce." In so doing, the FTC tries to protect the public against false or misleading advertising and the misrepresentation of products (Larabee, Robert). So the Federal Trade Commission Act, as modified by the Wheeler-Lea Act, gives new provisions:
The Wheeler-Lea Act has not permitted the FTC to control the advertising of self-medication drugs. So there has not been as much improvement in patent medicine advertising as wished. Prescription drugs are policed by the FDA under the Kefauver-Harris Amendments of 1962. Additionally, advertising of restricted medical devices is regulated by the FDA under the Medical Device Amendments of 1976.
Most recently, Congress passed a broad reform of the FD&C Act in the Food and Drug Modernization Act (FDAMA), which includes provisions to "regulate advertising of unapproved uses of approved drugs and devices, and regulate health claims for foods."
There is requirement of prohibition of unfair methods of competition and advertising, in order to protect consumers as well as competition. Many Acts has been passed by U.S government. Wheeler lea Act was a big step in this direction. It regulated advertising, labeling strategies and identification, quality, and fill-of-container for foods and drugs.
Larabee, Robert. The Federal Trade Commission: A Guide to Sources (Research and Information Guides in Business, Industry, and Economic Institutions), Routledge; 1 edition, November 8, 2000. pp- 345
U. S. Food and Drug Administration, "Chronology of Drug Regulation in the United States". Last Updated May 10, 2007, Retrieved May 13, 2007.