No, it does not. "Academia" generally means studies funded by public grants (which, as I said above, very rarely would cover drug approval studies) and in some cases academia might implement studies funded by the pharmaceutical companies, but they're not really an independent source of funding for research, at least not in expensive/labor intensive fields like medicine.

In fields where solid research can't be done by a single part-time person (e.g. a teaching professor), research happens only to the extent and in the direction where there's available funding. Even putting a couple grad students on a project for a year (i.e., a very small project) requires external funding, much less the extensive studies needed to prove that a particular chemical is safe for human use and has a therapeutic effect.