A lot of people here are pointing to the war on drugs being a "failure" and throwing that out as an example. That is a naive position to take. The war on drugs was hardly a failure. It was very much a success for private prison companies, drug treatment centers, and anybody else who stands to financially benefit from an ongoing "war" of that sort that justifies obscene government spending in favor of some vague aspirational cause. When the government declares a war on something that typically means you're going to get more of it because the people getting paid by the government to fight that war want to keep their livelihoods going. We could only dream that the government would declare a war on peptides.
Instead what is going to happen is they're going to clamp down on "counterfeit" and "dangerous" drugs entering our country illegally. Now this is no easy task to stamp out using current laws, but there's certainly the financial incentive to pass new laws and this has been done before. Back when music and movies was going digital the entertainment industry pushed the DMCA, which criminalized some pretty crazy things that we're still dealing with today. When that didn't prove to be enough the RIAA fought in some pretty clever ways (to the point where they were mass filing lawsuits against random people on the internet) to shut down music sharing online. They only backed down when they found a balance where ~80% of people went back to paying for their music and going after the rest just wasn't necessary anymore.
Those lawyers were pretty cutthroat, but they've got nothing on big pharma. Pharma has a history of knowingly killing and maiming people by suppressing or manipulating data (e.g. see Vioxx, contaminated Factor VIII, Oxy, or just google "largest criminal fine in US history"). I've got some ideas for how this could play out, but I'm not going to share them publicly because for those not as familiar with this history they'd probably sound insane.