It's simple really..... stack of 12, medicated timer decreased to 1 min inbetween uses. you would more than likeley see an increase in high tier potions and ethers and would bring more life back into the alchemy craft and increase medication useage which is what SE stated was one of their long time goals... I don't think 1 min is too game breaking in this age of content.
One thing I'd like to throw in is introduce an alchemy guild KI that allows alchemists to use them without a medicated effect but make it require caped alchemy so you have to choose from being an alchemist or some other profession.
but then again I could see where it could be abused.. as a drg/whm 1 min CD on a pro ether would be very game breaking as I'd never run out of mp and I could solo alot more

2 pro ethers and I'd have caped mp again.