Kalshi comes for biopharma, with prediction markets for clinical trials and FDA approvals

Company touts an approach it believes can provide benefits and minimize risks to the field

Martin LELIEVRE / AFP via Getty Images

By Elaine ChenJuly 16, 2026

Chen, a national biotech reporter, is the co-author of The Readout, a newsletter about the business, science, and politics of biotech.

Elaine’s stories explore the boom in new obesity treatments, new drug payment models, the ways companies are affected by FDA changes, and the emerging psychedelics drug sector. She co-writes The Readout newsletter, and co-hosts STAT’s weekly biotech podcast, The Readout Loud. You can reach Elaine on Signal at elaineywchen.70.