Inactive Tutor answered 04/13/19
Hello,
the modern approach to drug discovery is actually more like what you describe in the second half of your question. Put simply, we generally have a hypothesis as to how a specific target (receptor, enzyme, etc) might play a role in a disease process and then seek molecule lead compounds that bind in a selective manner to the particular receptor or enzyme.
What you describe, taking a substance or extract from nature, is something hat was done before the birth of modern pharmacology.