biostudies-literatureUnknown3(11)Hofer MPThe Congressional Budget Office (CBO) created a model of new drug development with the aim of informing the US Congress about the potential impact of policy changes affecting expected biopharmaceutical revenue on future innovation. While models are by their nature simplifications of reality, biopharmaceutical investment decision-making is particularly complex and poorly understood outside the investment ecosystem, raising questions about the adequacy of such models to inform policymaking. To better understand how CBO's model compares to real-world investment decision processes, we conducted semi-structured interviews with investors representing venture capital, private equity, corporate venture capital, and biopharmaceutical companies. The interviews with investors suggest that the CBO's mHealth affairs scholarqxaf200https://www.ebi.ac.uk/biostudies/studies/S-EPMC12602863biostudies-literatureUnderstanding biopharmaceutical investment decision-making: how does Congressional Budget Office's model compare to investor insights?PMC12602863Berdud MRadu PCole AHofer MPCookson GfalseUnderstanding biopharmaceutical investment decision-making: how does Congressional Budget Office's model compare to investor insights?The Congressional Budget Office (CBO) created a model of new drug development with the aim of informing the US Congress about the potential impact of policy changes affecting expected biopharmaceutical revenue on future innovation. While models are by their nature simplifications of reality, biopharmaceutical investment decision-making is particularly complex and poorly understood outside the investment ecosystem, raising questions about the adequacy of such models to inform policymaking. To better understand how CBO's model compares to real-world investment decision processes, we conducted semi-structured interviews with investors representing venture capital, private equity, corporate venture capital, and biopharmaceutical companies. The interviews with investors suggest that the CBO's m2025-01-01T00:00:00Z2025 Nov2026-05-18T03:20:52.335Z2026-05-18T03:13:10.51ZS-EPMC126028634122945010.1093/haschl/qxaf200