Supercharging a New FDA: Marty Makary on Science, Power & Patients

Watch on YouTube ↗  |  January 15, 2026 at 19:50  |  1:29:48  |  All-In Podcast
Speakers
Marty Makary — FDA Commissioner
David Friedberg — CEO, The Production Board

Summary

David Friedberg interviews FDA Commissioner Marty Makary during the JPMorgan Healthcare Conference about the 42 reforms announced in his first 10 months. Makary describes moves to compress drug development (one pivotal trial instead of two, less animal testing, Bayesian and continuous trials, priority vouchers with decisions in weeks) and to make US phase 1 trials competitive with China and Australia. He lays out a drug-price agenda built on most-favored-nation pricing, a faster biosimilar pathway, moving more drugs over the counter and cracking down on misleading pharma advertising. The conversation also covers the revised food pyramid, GLP-1s, the reduced core vaccine schedule, AI and wearables guidance, alternative proteins and autism hypotheses.

  • FDA cut the default pivotal-trial requirement from two to one, which Makary says saves developers $100-300 million per drug.
  • Animal-testing requirements are being reduced in favor of computational models and organ-on-a-chip; Bayesian statistics and continuous trials are now allowed.
  • A national priority voucher pilot produced a first approval in 55 days; about 18 products hold vouchers.
  • Drug companies agreed to most-favored-nation pricing; the GLP-1 example falls from $1,300 to $149 for the first three months.
  • Biosimilar approval path shortened from 5-8 years and about $300 million to roughly 2.5 years, with a flood of biosimilars expected.
  • Push to move more drugs over the counter to create shelf-price competition and bypass PBMs; 1,500 ad-enforcement letters sent.
  • Food pyramid flipped toward protein and away from refined carbohydrates; nine petroleum-based dyes removed and the GRAS loophole is being closed.
  • New CES guidance creates a consumer lane for AI decision support and wearables; core childhood vaccine schedule reduced to about 38 doses.
Ideas
Marty Makary FDA Commissioner 14:15
FDA reforms compress drug development time, cost
The FDA is compressing drug development time and cost for the biotech industry: the default requirement drops from two pivotal trials to one (Makary says this saves some companies $100-300 million and lets them run twice as many drugs through pivotal trials), animal-testing requirements such as chimpanzee studies for monoclonal antibodies are being eliminated in favor of computational modeling and organ-on-a-chip, Bayesian statistics and continuous cloud-endpoint trials are now allowed, and a national-priority voucher pilot delivers decisions in weeks (first approval after 55 days, about 18 products hold vouchers). The agency is hiring 1,000 scientists for accelerated pathways and just had a record month of biologic and cell/gene therapy approvals. He frames this as letting more drugs be evaluated at a lower R&D price point and as necessary to keep US biotech competitive with China and Australia on phase 1 speed (centralized IRBs, streamlined hospital contracting, higher user fees for overseas phase 1s).
Marty Makary FDA Commissioner 59:48
US drug prices set to fall radically
US drug prices are going to come down radically, which he calls ending 'the great American ripoff'. Drug companies have agreed to most-favored-nation pricing (a GLP-1 that costs $1,300 in the US versus $88 in London will drop to $149 for the first three months) and other countries will have to pay more of pharma R&D instead of the US financing 60% of it. Biologics are the fastest-growing area of drug spending ($60,000-$150,000 medications), and the FDA has cut the biosimilar pathway from 5-8 years and roughly $300 million to about 2.5 years using small-molecule principles, so he expects the floodgates to open on biosimilars competing with drugs like Humira, where a lone biosimilar previously failed to move the price. He also wants a mass transition of safe, non-abusable drugs to over-the-counter status (a top 2026 goal) so shelf prices create competition and bypass PBM money games, and he is enforcing advertising rules (1,500 enforcement letters, over 100 cease-and-desist letters, closing the adequate-provision loophole), which together with lower biologic prices he thinks reduces the payoff of pharma TV advertising.
Up Next

This All-In Podcast video, published January 15, 2026, features Marty Makary discussing XBI, XLV. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Marty Makary  · Tickers: XBI, XLV