Publicly traded drug developers have been exposed to insider trading on their stocks for decades, but with the introduction of prediction markets in the clinical sector private companies are now also at risk.
July 2026 saw the prediction market platform Kalshi offer something new: odds on the outcomes of clinical trials and drug approval bids. With drug development now opened to betting from the public, many have raised concerns over the ethical questions that follow. In this latest episode, Pharmaceutical Technology reporter Frankie Fattorini speaks with Chelsea Andeson and Noah Solowiejczyk—partners at the US law firm Fenwick—to discuss how these prediction markets also pave the way for new challenges in insider trading and how biotechs will have to adapt.
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