Test the narrative
Different price-negotiation timelines under the Inflation Reduction Act prompted concern that investment would move away from small molecules. PMO Partners examined 143 U.S. pharmaceutical and biotechnology financing deals in its 2023 database, which tracked rounds above $20 million.
Keep the conclusion bounded
The analysis did not identify a declining small-molecule trend during that period, including in early-stage funding. It suggested other factors—leadership, intellectual property, competitive position, and development risk—remained influential. These observations concern a defined historical sample. They do not establish that the legislation has no effect on later investment or on every type of pharmaceutical company.