In 2022, the Biden Administration enacted the Inflation Reduction Act (IRA), a sweeping piece of legislation aimed at reducing healthcare costs. Among its most significant provisions was the ability for Medicare to negotiate prescription drug prices, a move that was hailed as a potential game-changer for lowering healthcare expenses. While the immediate effects of the IRA’s price negotiations are being keenly felt by consumers and the healthcare industry, the long-term impact on biopharmaceutical innovation, particularly in early-stage drug development, is becoming a growing concern.