Yes, making the drug will be surely ok. Making it the rule (obligatory) is not.
I don't know how you will be able to differentiate - saying it will be given only in the 'right' cases is highly subjective. There'll be people unhappy with this, you know it. In some cases you might be forced in a situation where you have to decide which innocent player to penalize for something they didn't do - one will want cancel and another one will want the game to go on - and both will have valid points to their cause.
Let me put it this way - though the drug analogy is getting more and more abstract :) - would you still product this drug if you knew that:
1. It can only be given to 7 randomly selected people at the same time, and some of those might not even be sick in the first place.
2. Most times the drug will help, but there'll be a good amount of cases where it might make things worse, or even cause a healthy patient to get sick.
In general, we're discussing whether the end justifies the means, is it ok to consciously take a decision that will hurt one in order to help the many in the long-run ... and this is something I simply cannot agree with on too many levels. This is a game, not a matter of life and death and I do believe there's a better solution that eliminates the downside.
So, yes, I would agree with you that your suggestion would have a positive effect as far as reducing cheating. However it's not the best solution for sure and, at least as far as I'm concerned, it fall short of my 'minimum' requirements - which are that it should not make things worse in any way, for any player.