I've not worked with a 12,000 series router. Looking over the documentation, you might be able to implement QoS features beyond using a simple FIFO queue. You could experiment with WRED and/or FQ.
Assuming TCP is the bulk of your traffic, if the output link is oversubscribed, it's normal to see drops, especially as flows attempt to use all bandwidth. However, what you want to obtain is the minimal amount of drops at peak usage. A large FIFO queue might allow multiple flows to all ramp up and then has them all fall into slow start with (global) synchronous tail drops. Both WRED and/or FQ might avoid the synchronous tail drops, both improving overall throughput and, surprisingly, often reducing overall drops.
Unsure whether the following can be configured on your interface, but try this:
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