Politicians talk a lot about farming but seldom about “pharming,” even though the latter can also have a big impact on Americans’ pocketbooks—and their health. The punny name refers to genetically modifying plants such as corn, rice, tobacco and alfalfa to produce high concentrations of pharmaceutical ingredients.

Many common medicines already come from plants, including morphine, the fiber supplement Metamucil and the cancer drug Taxol. Yet heavy-handed federal regulations have frozen out pharming efforts, making it far too difficult for researchers to use this approach to create new medications.