Kalshi launches betting markets on pharma trial outcomes and FDA drug approvals.

Kalshi, an online gambling platform, has introduced new betting markets where users can wager on the results of late-stage pharmaceutical clinical trials and FDA drug approval decisions. The markets focus on Phase 3 trials from large biopharma companies and full FDA approvals, with bets on drugs from firms like Gilead Sciences and Eli Lilly. While Kalshi aims to increase transparency by making drug development odds public, critics worry about potential insider trading, market manipulation, and ethical concerns affecting clinical trials and patient decisions. The platform has already seen over $128,000 in trading volume shortly after launch.