Inflation Reduction Act (IRA) boosts biological drugs "This means that biologics will be less affected by the IRA compared to small molecule drug development, which in turn could impact decisions on biotech financing going forward....
... The IRA may impact revenues resulting in reduced investments in (in-house small molecule) R&D, but further biopharmaceutical collaborations may help to support future innovation by mitigating costs as interest rates continue to rise."
https://www.pharmaceutical-technology.com/comment/inflation-reduction-biologic-drug-venture/