Very quickly, the notion of progressive licensing, which you have articulated--which is to maintain the status quo in terms of pre-market regulation but add a notion that a licence is deemed temporary--is, in my view, the ideal notion of a progressive licence.
According to the front page of today's paper, however, the progressive licensing seems to be pitched as a mechanism for Canadians to get more rapid access to “breakthrough” drugs. I haven't seen the legislation, but if that's the purpose of progressive licensing, it sounds like more rapid access is tantamount to lowering the bar.
There was a fascinating paper recently published in The New England Journal of Medicine, I believe it was, suggesting that deadlines in regulatory policy can be harmful to the public health.