Enhanced global surveillance and post-COVID preparedness frameworks, including the 2025 WHO Pandemic Agreement and amended International Health Regulations, underpin the 80.5% market-implied odds against a new pandemic before 2028. No novel pathogens currently exhibit sustained human-to-human transmission or the combination of high transmissibility, immune evasion, and geographic spread required for pandemic status, per WHO and CDC monitoring. Localized threats such as H5N1 avian influenza (sporadic human cases without efficient airborne spread), the regional Ebola outbreak in the DRC, and vaccine-preventable measles resurgences remain contained. While zoonotic spillover risks from climate-driven habitat changes persist, official data show no escalation meeting pandemic thresholds, aligning trader consensus with the low historical baseline rate of such events.