Biopharma executives and investors are bracing for the impact of the newly passed Inflation Reduction Act. On the latest BioCentury This Week podcast, BioCentury's editors discuss pharma CEOs’ warnings that the law will reduce incentives for small molecule drug development, how biotech VCs may adjust deployment of their funds and how the government could implement the law.Turning to readouts from the European Society of Medical Oncology Congress, the BioCentury podcast team explains why the latest data for Amgen's Lumakras could shake up the KRAS inhibitor race and how Chinese investigator-initiated trials are accelerating CAR T innovation.