Both U.S. political parties have proposed changes to the reimbursement process for FDA-approved medicines that would reference the prices to be paid in the U.S. to other countries’ reimbursement prices, creating de facto price caps. Analyses show and policymakers admit that such reference pricing would likely lead to creation of fewer new drugs than the current system. However, those analyses are based primarily on existing corporate R&D spending trends and fail to reflect investors' economic behavior. This TWO-PART session will examine the dramatic narrowing in investor support for therapeutic innovation that reference pricing systems would cause by changing the relative risk valuations within biopharma portfolios versus alternative investments, threatening to leave patients significantly worse off than reference pricing model supporters currently forecast. PART ONE of the session includes a new slide presentation with financial modeling by RA Capital's Peter Kolchinsky titled "How to kill the conversation that makes innovation possible," continuing immediately into a PART-TWO (at 11:19 am EST) policy forecast panel discussion of pending U.S. federal and state-level pricing model proposals. Slides from both session portions are available to attendees inside the virtual event platform in the "Documents" section of the session page.